Daily iron ore price update (where’s the steel going?)

By Houses and Holes in Commodities, Iron ore price

at 10:40 am on June 9, 2022 | 6 comments

The ferrous market was stable on June 8, 2022:

According to CISA, the last ten days of May were the highest Chinese output ever:

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I’m baffled. Where is all the steel going?

Property is, if you’ll pardon my French, fucked:

By itself that is 160mt of less steel than last year. Yet here we are at the same output.

Some of it is going into inventories but that is nowhere near big enough to account for it all and exports are down over the year as well.

Is China burying it somewhere?

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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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