Daily iron ore price update (a sitting duck)

Friday, 9 July 2021

The ferrous complex was weak on July 8, 2021 as Chines demand worries begin to infect the market. Spot was down, paper down more overnight but steel bucked the trend:

Markets are right to be concerned. Property is going to come off hard in H2 and the consumer is not picking up the slack:

Honestly, as the global inventory supercycle tops out and exports wane, iron ore is a sitting duck about $200.

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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.