Daily iron ore price update ($200 moonshot?)

Tuesday, 20 April 2021

The ferrous complex soared to new highs again yesterday with spot charging, paper up more overnight but steel sagging:

There is doubtless strong demand driving this. And, who knows, perhaps we’ll take another shot at $200. As well, the falling USD is arcing up all commodities again. And, as said many times, April is a strong month for iron ore:

But May is typically very weak as southern Chinese rains stall construction projects. We still have some big months of US inflation to come through as well which ought to firm up US yields and its currency.

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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.