Daily iron ore price update (delayed reaction)

Thursday, 10 June 2021

The ferrous complex was firm yesterday with a broad rally on a delayed reaction to Tuesday’s news about more Brazilian mine suspensions. Spot was up. Paper flat overnight. Steel rallied:

Chinese port inventories are at 127.65, adequate only:

Not much else to say. I still think that the risk of an EOFY sell-off is high given smashed mill margins but the market is still clearly tight so perhaps not.

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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.