Daily iron ore price update (Winter Olympics annihilation)

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The ferrous complex is inhaling deeply on the crack pipe again as spot and paper hold while steel firms:

The state of iron ore commentary in the press today is embarrassing. Just because some company says something doesn’t make it true. Indeed it usually means the opposite is likely:

Vale said on Tuesday it would produce between 354 million and 373 million tonnes of iron ore and iron-rich pellets in 2022, and a slide presentation said 400 million tonnes would be achieved in the medium 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.