Iron ore balanced for now

Thursday 21 November 2024

Steel and iron ore futures are range trading.

Goldman presents further evidence that the steel and bulk markets are balanced for now.

The forward order books of mills were flat to up MoM in November, better than the past seasonal pattern, while the absolute level of demand remains soft.

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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.