Daily iron ore price update (no more room)

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The ferrous complex was hit hard on July 1, 2022:

The reasons is pretty simple. Chinese steel mills are out of room to store overproduced steel:

In China’s biggest steelmaking province Hebei, local media reported that some mills had opted to implement an annual overhaul of furnaces earlier than usual, citing no more extra room for additional stocks.

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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.