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

Iron ore and steel prices still strong

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

CISA late-February output at major mills

CISA late-February output at major mills

Yet the Luna New Year inventory rebuild is pretty modest:

China total steel inventory

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

China steel mill margins

We’re in a market stalemate.

David Llewellyn-Smith

Comments