Daily iron ore price update (to Mars!)

Tuesday, 28 September 2021

The ferrous complex was off the hook bullish on September 27, 2021 as spot went to Mars, paper fell overnight and steel remains strong:

This looks like a classic bear market rally to me. Does anyone even remember what they look like? Or is everyone an online influencer buying “stonks” these days?

The underlying situation for iron ore is getting worse by the minute. Chinese steel output continues to COLLAPSE, hitting 2018 levels in mid-September according to CISA:

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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.