Daily iron ore price update (ore from everywhere)

Thursday, 24 June 2021

The ferrous complex is playing a game of cat and mouse with Chinese authorities while the market remains tight. Spot was up. Paper up more overnight. Steel is stuck:

The forward-looking view remains bearish. Supply is arriving from every spare and hidden and pile of dirt worldwide. From Darwin:

Iron ore will leave the Northern Territory (NT) port of Darwin this week, the first shipment since 2015 as persistently strong iron ore prices drive more marginal iron ore producers into production across Australia.

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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.