Daily iron ore price update (new low, more to come)

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The ferrous complex was mixed on November 5, 2022 as spot hit a new low for the sell-off while steel dead cat bounced and took paper with it:

This is all technical waffle. There is nothing to stop the entire ferrous complex from halving again from here. In fact, expect it to.

Chinese demand seen through the prism of trade was OK in October with exports at 91.6mt and the rolling annual has flipped negative 1% with much worse ahead:

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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.