Daily iron ore price update (the mystery)

David Llewellyn-Smith

Thursday, 16 June 2022

The ferrous complex was weak on June 15, 2022:

The mystery is this. Chinese steel output is still insane, down just 3% year on year (though it is 6%+ YTD):

But the main drivers of steel consumption are terrible. Housing starts are back in the dark ages:

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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.