Daily iron ore price update (all bets are off)

The ferrous complex was mixed on October 14, 2021 as spot rose and paper eased:

The latest CISA numbers are out and show some bounce back from the late-September catastrophe with production back to 2017 levels:

But inventory levels also bounced strongly so output is probably now too high.

The latest inventory numbers are still falling seasonally but remain very high relative to output:

All of these numbers are very bearish. Iron ore should already be at $60 and falling. I remain firmly of the view that is where we will go over 2022.

But, where we go in the short-term is in the lap of the gods. The global commodity melt-up is hysterical and all bets are off.

Houses and Holes
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