Daily iron ore price update (crunchy crashola sweet)

Monday, 22 March 2021

The iron ore complex was distinctly weak on Friday March 19, 2021. Iron ore prices fell sharply. Paper markets fell just as far. Conversely, steel eased thought had a good weak offering some hope. CISA steel output fell back from its crazed pace in early March:

At least rising steel and falling iron ore is lifting Chinese steel mill margins, which opens the possibility of continued restocking of raw materials.

Yet, even so, China is clearly aiming to squash this market. The Friday trigger was big news out of Tangshan, from Argus:

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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.