Daily iron ore price update (as bad as it gets)

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The ferrous complex faded on June 30, 2022:

At issue was the Chinese PMI. The wider bounce did not translate to steel. Indeed, the Steel PMI was as bad as it gets:

Judging from the steel industry PMI surveyed and released by the China Federation of Iron and Steel Logistics Professional Committee, in June 2022, it was 36.2%, a month-on-month decrease of 4.6 percentage points, and the operation of the steel industry was relatively sluggish. Judging from the changes in the sub-indexes, the impact of the epidemic is still ongoing, and downstream demand has contracted, driving the overall decline in steel prices and the decline in the production of steel mills. It is expected that in July, the overall market demand will continue to be weak, the production of steel mills will remain low, and the prices of steel and raw materials will fluctuate at a low level.

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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.