Daily iron ore price update (breaking the nexus)

Tuesday, 20 July 2021

The ferrous complex was mixed on July 20, 2021 as spot fell, paper fell further overnight but steel lifted:

This divergence between steel and iron ore is what China is attempting to engineer. Via Reuters:

“Currently, the biggest variate to affect steel prices is crude steel output control policy … which is gradually being implemented and widened,” analysts with Huatai Futures wrote in a note.

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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.