Daily iron ore price update (Scrap of Damocles)

Monday, 10 January 2022

The ferrous complex was mixed on January 7, 2022 as spot and steel lifted but paper fell:

The rally over Xmas looks like pretty typical seasonality to me. Steel mills finished the year with low iron ore inventories, despite the great and growing port pile, and enough hope for stimmies that restocking made sense.

The latest steel output data is also past the worst of the shutdowns, even if it remains very weak, from CISA:

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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.