Iron ore gathers strength

David Llewellyn-Smith

Friday 8 November 2024

Stele is going nowhere.

Iron ore doesn’t care.

Because stimmies!

Steel exports went boom in Ocotber. Maybe some Trump frontloading.

Iron ore imports were firm.

CISA output finished October on a better footing.

And inventory fell as well.

It looks like we’re headed into seasonal tailwinds with temporary momentum as stimmies excite speculators and the US election promotes steel export frontrunning.

I’ll be looking for some irrational pricing to re-enter my shorts if stimmies are enough to keep traders drunk.

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.