Daily iron ore price update (more scrap)

Thursday, 8 July 2021

The ferrous complex was firm again yesterday on post-CCP party restocking. Spot lifted, paper fell overnight but steel is strong:

In news, NDRC is revving up for scrap:

China plans to increase its use of steel scrap by 23% to 320 million tonnes by 2025 and to increase production of recycled nonferrous metals, in an effort to ensure supplies and to meet the country’s climate commitments.

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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.