Daily iron ore price update (coal chaos)

Wednesday, 20 October 2021

The ferrous complex was roughly stable on October 20, 2021 as spot eased and paper firmed overnight. Steel was strong yesterday:

Chinese port stocks of iron ore are rising fast, just shy of 140mt last week:

With steel output cratered, the “days of use” port inventory ratio will already be near records. Just another very bearish signal among so many that I’ve lost count.

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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.