Daily iron ore price update (bottomless pit)

Tuesday, 2 November 2021

The ferrous complex was very weak on November 1, 2021 as spot tumbled, paper fell more overnight and steel crashed:

It’s being led by the evisceration of thermal coal which will in due course promote the resumption of 120mt of suspended EAF production in China and foist that adjustment onto BOF instead:

This will mean another 200mt of unwanted iron ore and 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.