Daily iron ore price update (preposterous output)

Thursday, 25 February 2021

Iron ore prices traded flat yesterday. Paper markets were soft overnight. Rebar did better:

Yesterday CISA released mid-Feb output data for major mills and it hit preposterous levels:

This is a part of the early year build of steel inventory and will come down before long. Even so, it is clearly bullish for now. Even more so given the mills are making no money on it.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.