Daily iron ore price update (still terrible)

Monday, 27 June 2022

The ferrous market sort of bounced on Friday June 24:

Futures pooped overnight with the wider market rally. News remains dubious:

While “market confidence has been restored to a certain extent”, Sinosteel Futures analysts said the absence of any additional and specific economic stimulus measures from Beijing will limit any price gains for now. In China’s steel production hub, Tangshan city, 56 of the 126 blast furnaces were shut down for maintenance, according to Sinosteel, as mills struggled to cope with slumping margins amid weak steel demand and high inventories.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.