Daily iron ore price update (steel cliff)

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The ferrous complex was weak on October 25, 2021 as spot firmed, but paper fell overnight and steel looks to be breaking down:

The key chart now is this:

China’s immense steel output cuts have protected steel prices so far this year. But underlying demand is so bad that inventories have been stable anyway.

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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.