Daily iron ore price update (smashed again and again)

Tuesday 21 September 2021

The ferrous complex is fucked. No other word for it. Despite Dalian being closed, the spot ore price was smashed again with Singapore futures:

We appear to be on a one-way ticket to $60 and an overshoot has to become a serious possibility as well.

I also think that ludicrous coking coal prices are next. And global steel prices as well.

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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.