Daily iron ore price update (crunchy crashola sweet)

Thursday 23 June 2022

The ferrous complex was weak again on June 23, 2022:

Ferrous markets and the MSM are finally catching down to the reality that’s been obvious for months:

The answer to that seeming disconnect may be over-optimism in China’s steel industry, which ramped up production even as Covid-19 was hobbling the economy. Crude output of the metal was around 2.7 million tons a day in January and February, but then increased to 3.1 million tons a day in April and May, Gavekal Dragonomics said in a note on Monday.

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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.