Daily iron ore price update (all bets are off)

Wednesday, 2 March 2022

The ferrous complex blasted higher again on March 1, 2022:

This has nothing to do with anything other than a global commodity blowoff of unknown duration. Russian and Ukrainian steel and iron ore output largely goes to itself or China and will keep doing so.

Meanwhile, Chinese demand remains terrible. The Steel PMI makes the point. Remember that indexes are all directional only. Anything below 50 indicates shrinkage:

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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.