Daily iron ore price update (weak and strong)

Wednesday, 14 July 2021

The ferrous complex was mixed on July 13, 2021 as spot prices fell and paper firmed overnight. Steel has not updated:

The big news was Chinese trade data for June which was very weak in terms of iron ore imports for the second straight month at 89.42mt:

This is pretty strange data. Sure, volumes are up 2.8% year on year for H1. But on a six-month sequential basis, imports are down 10% in H1 versus H2 ’20. This pattern is typical but not the scale of the drop amid huge price increases.

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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.