Iron ore and steel into the pit

David Llewellyn-Smith

Monday 5 August 2024

Qingdao port prices firmed a touch to $97.93 Friday.

Shanghai rebar futures are a free-falling meteorite

The jaws of doom returned to SGX iron ore futures:

HRC is not much better:

Mad Dalian rolled overnight:

Coking coal has no bottom:

Steel profitability is smashed:

Hot metal output has rolled:

There’s ore inventory galore to destock:

And there is too much iron ore:

We are ripe for more price falls.

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.