Daily iron ore price update (outstanding 2021 loser)

Wednesday 25 November 2020

Iron ore prices for November 24, 2020:

A weak response to the global fireworks from spot. Paper too. Perhaps some of the obvious cooling in underlying Chinese demand drivers is starting to permeate the market. Empties are still trending lower:

Moreover, post-COVID global normalisaion is iron ore bearish. We can already see this in China’s fading stimulus and renewed reform push in credit markets. If China can rely on external demand then it will slow credit divers internally and that means less commodity-intensive investment.

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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.