Daily iron ore price update (steel rip)

Thursday, 4 March 2021

Iron ore prices firmed overnight as the ferrous complex warmed into global reflation. Steel prices surged giving steel mills some margin but they will need to keep raw materials purchases contained or it will all be gobbled up by the miners:

The steel surge is global as demand is clearly outstripping supply for now. China is still leading it in short-dated supply:

For pig iron as well:

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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.