Daily iron ore price update (place your head firmly between your legs)

Friday 6 August 2021

The ferrous complex crashed on August 5, 2021 as spot stepped through an open trap door, paper did a bit better and steel was just fine:

The chart:

Now that the iron ore correction is decisively confirmed, we must ask just how fast is this baby going to drop? The global cost curve pretty much puts everything at super-duper-profits today:

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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.