Daily iron ore price update (lunatics chasing pennies)

The ferrous complex returned from holiday with a bang on Friday October 8, 2021 as spot rallied, paper jumped and steel climbed:

Do not be fooled. This is a measure only of how crazy markets are right now. Some folks are arguing that the rally is justified by the notion that Chinese power outages will force the closure of more EAF production, supporting BOF and iron ore. There is some evidence for this. Scrap output had already plunged in August:

There are 992 words left in this subscriber-only article.

Get your first month for $1

Comments are hidden for Membership Subscribers only.