Daily iron ore price update (new high)

Wednesday 16 December 2020

Iron ore prices for December 15, 2020:

Spot up. Dalian paper up to a new record high. Steel is stuck. Port inventories have started to fall as Chinese mills desperately seek to fend off prices. If it continues, this will only prolong their pain, but it does weigh on prices at the margin.

Yet not enough in my view. The underlying drivers are too strong for the next quarter or two:

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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.