Iron ore prices for March 11, 2021, followed the global pattern of rebounding prices as DXY and yields consolidate recent gains. Spot and paper were up strongly. Steel has not updated:
I still expect strong prices through April so this is no surprise.
But, I also still think that this is now a “sell the rally” circumstance.
The ideal outcome might be one final push higher as Biden Administration infrastructure spending discussion warms up before a renewed inflation panic and Chinese slowing in H2 finishes this iron ore cycle off.
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.
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.
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