Daily iron ore price update (critical steel meltdown)

Friday, 5 November 2021

The ferrous complex was weak on November 4, 2021 as paper fell more overnight and steel is in meltdown. Benchmark spot didn’t trade owing to a Singapore holiday:

Steel is in meltdown:

I see nothing to stop this. Chinese demand is falling faster than mills can cut output. There’s 120mt of EAF yet to return. Iron ore is still far too high. Coking coal is screamingly mispriced.

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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.