Daily iron ore price update ($100)

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The ferrous complex bounced on Friday 18 February 2022 after a brutal week of selling:

There is nothing to suggest any improvement in fundamentals. Adjusted for LNY, steel demand and supply look very weak:

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Westpac’s Robert Rennie is onto it:

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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.