Daily iron ore price update (grim death)

Tuesday 9 November 2021

The ferrous complex hung on for grim death on November 8, 2021 as spot firmed, paper was hit overnight and steel fell:

CISA released its late October output numbers for major steel mills and it was, again, unbelievably bad, down nearly 8%:

The year-on-year collapse is roughly 160mt per annum. From the peak it is 250mt:

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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.