Daily iron ore price update (my bad)

Friday, 11 June 2021

The ferrous complex was well bid on June 11, 2021 for no reason that I can discern beyond my own posting. Spot was firm. Dalian paper jumped overnight. Steel has not updated:

Dalian trading started weak yesterday until I posted on Vale’s latest dam troubles. Although it was not news, my reminding the market of the possibility that it would launch iron ore to $300 seemed to trigger a renewed bid. My bad!

Then again, it was probably the wind.

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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.