Daily iron ore price update (rally into nothing)

Tuesday, 23 November 2021

The ferrous complex was strong on November 22, 2021 as spot jumped with paper but steel fell back:

There’s much excitement about more Chinese stimulus but that’s just the usual Pavlovian dogs. At this juncture, there is nothing coming that fundamentally alters the oversupply of iron ore.

What matters more is thermal coal prices. They were up a little in China and in seaborne futures yesterday but that is very short term:

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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.