Daily iron ore price update (bubble and bust)

Tuesday, 18 May 2021

The ferrous complex is still in an advanced state of hysteria as spot and paper roar while steel continues to crash:

As said in recent weeks, I have no idea where the price is going now in the near term. It is unhinged by fear and greed.

What I can say is that the leading indicators for fundamentals are definitely getting worse. Yesterday’s China data was poor for the iron ore outlook.

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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.