Daily iron ore price update (another huge down leg)

Monday, 1 November 2021

The ferrous complex was mixed on October 29, 2021 as spot was hammered, paper stabilised overnight and steel lifted:

Steel (rebar) is clinging to technical support:

There are rumours of even more steel shutdowns but the more important factor on that front is the imminent reopening of 120mt of shuttered EAF steel output. The reopening will be triggered by the end of power rationing as thermal coal supply normalises and when it comes another 200mt of iron ore demand will vanish plus 100mt of coking coal.

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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.