Daily iron ore price update (this goose is cooked)

Monday, 24 May 2021

The ferrous complex continued to deflate Friday as spot was clubbed, paper kept on falling, all of it catching down to steel:

The bubble is bursting. Spot has further to catch up to paper. Steel is also still very high and will fall further through H2.

Nothing has changed for me. We’ll probably deflate some more over the next few weeks, then see strong pricing return through July/August before crashing again in September then rallying into year-end.

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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.