Daily iron ore price update (no money)

David Llewellyn-Smith

Tuesday 8 November 2022

The ferrous complex faded the gains on November 7, 2022:

Chinese steel mills are losing even more money. They will destock while this lasts. In fact, they are:

Here is another chart from Westpac that shows the problem. Sooner rather than later these prices must converge:

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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.