Daily iron ore price update (done and dusted)

Friday, 18 February 2022

The ferrous complex was hammered again on February 17, 2022 as spot was hit, paper crashed overnight and steel is in retreat:

The reasons are obvious:

Chinese authority has asked some iron ore trading companies to release “excessively high” inventory and bring the stocks to reasonable levels as soon as possible, following a joint investigation with the market regulator in Qingdao, one of the country’s biggest iron ore ports.

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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.