Daily iron ore price update (weakening signals)

Monday 28 September 2020

Iron ore prices for September 25, 2020:

Spot firmed. Paper too. Still waiting for steel to update. I’m still looking for a downside into $100 range ahead. There are plenty of softening signals:

But I still reckon that this correction is largely seasonal in nature. The CCP has no choice but to keep building while the global economy plods through its depression and that will necessitate more restocking of dirt into new year.

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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.