Daily iron ore price update (inventories)

Tuesday, 9 March 2021

The iron ore complex sank on March 8, 2020 as a rising US dollar put a sizable dent in global reflation trades that include metals:

Chinese steel inventories are now peaking in their CNY rebuild. It looks like we will top out at the second-highest ever around 37mt:

Which is not necessarily immediately bearish. It will depend on downstream demand. So far, property sales have shrugged off tightening:

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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.