Daily iron ore price update ($100 for Xmas)

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The ferrous complex was mixed again on August 6, 2021 as spot firmed but paper was blasted overnight. Steel was firm:

The facts are now plain to see. Chinese demand is falling away as the demand stimulus “pig in the python” is pooped out. This stall is being transferred directly and swiftly to steel output via Chinese output regulations. And global iron ore supply is bouncing back in Brazil and the Pilbara.

CISA steel mill output in late July collapsed below 2020 output levels for the first time this year:

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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.