Daily iron ore price update (coal crazy)

Tuesday, 24 August 2021

The ferrous market continued to sink on August 23, 2021 as spot fell and paper kept going overnight. Steel has not been updated:

There’s no respite for iron ore. Nor should there be. The glut means the price needs to fall to the highest marginal cost producer somewhere around $80, at best.

The more interesting story today is coal which is still going bananas. Coking coal is still above $220 and thermal coal is at $170. Yuan Talks has more:

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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.