Daily iron ore price update (charge of the mining losers)

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The ferrous complex was still enjoying its bear market rally on September 26, 2021 as spot firmed, paper went silly overnight but steel fell on the week:

There is no change in the outlook. I still expect iron to keep falling to $60 soon. Indeed, the risk grow to the downside of that price the longer that China holds out in its property developer develeraging campaign:

  • housing construction to keep slowing;
  • output cuts to jam that weakness swiftly into raw marterials supply chain;
  • global supply still advancing.
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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.