Daily iron ore price update (steel pile up)

By Houses and Holes in Commodities, Iron ore price

at 10:10 am on May 11, 2022 | 0 comments

The ferrous complex was weak again on May 10, 2022:

Some chart from UBS nicely paints the picture. Supply has been weak and is rebounding:

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Meanwhile, steel output has taken off:

But both iron ore and steel are just piled up:

I’m guessing mills are producing to lose money because Beijing has told them to.

But unless demand roars back soon, mills will destock and crash prices.

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Houses and Holes

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.

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