Iron ore price heads for zero. May go negative

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The ferrous complex was flushed away on November 3, 2021 as spot, paper and steel all crashed. There was a little repair for futures overnight:

The trigger was Chinese port stocks which piled on another 4mt to 146.5mt last week:

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The port inventories to steel output ratio is back at record highs:

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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.