Daily iron ore price update (I’ll take that bet, Andrew)

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The ferrous complex was mixed on August 30, 2021 as spot and paper fell but steel lifted (though that’s a week of price gains):

In news, Andrew Forrest puts the boot into the bears by declaring he “wouldn’t bet against the iron ore price”. I’ll take that bet.

Nothing has changed from last week when iron ore was crashing. China is still stomping on the property sector that comprises nearly half its steel demand. There is still 60mt of new supply coming on in H2.

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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.