Daily iron ore price update (crazy markets)

The ferrous complex was pretty wild on October 28, 2022 as spot tumbled, paper fell more and steel crashed before finally catching a bid:

Coking coal was eviscerated again but, finally, put a bid in overnight:

We may (or may not, these markets are crazy) be through the worst of the crash for now. But, amazingly, prices remain incredibly inflated and the outlook incredibly difficult so I see only more downside.

The question is how long the market takes to make the adjustment. There has been a bid in for iron ore over the past few weeks which may be seasonal. Then again, the outlook is catastrophic so the next leg down could come any minute. Same goes for steel and coking coal.

Keep your seatbelt firmly fastened.

Houses and Holes
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