Daily iron ore price update (going nowhere)

Monday, 28 June 2021

The ferrous complex is going nowhere despite the froth and bubble in every corner of the land. Spot was up a bit, paper too, steel has not updated:

For the time being, we seem to have some kind of equilibrium above and below $200. It will take something extra to push out of this range methinks.

Strong prices for another few months then down as Chinese tightening and the global inventory super-cycle ease together.

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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.