China begins steel output cuts

Thursday, 7 September 2023

Iron ore is still hanging in:

China has quietly begun to cut steel output, whether officially announced or not:

This will pressure the iron ore price in due course. That said, in the short-term, it appears the drivers of demand have shifted from fundamental to financial as oil blows off.

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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.