Daily iron ore price update (market stalemate)

Iron ore fell on March 5, 2021 along with the broader ferrous complex. The global market rebound did nothing to restore it:

Iron ore and steel prices still strong

Yet signals are still bullish. CISA output is completely insane:

CISA late-February output at major mills

Yet the Luna New Year inventory rebuild is pretty modest:

China total steel inventory

I would normally say that this is all bullish. But, mill margins are still crushed so they are not going to restock raw materials:

China steel mill margins

We’re in a market stalemate.

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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.