Daily iron ore price update

Monday, 17 September 2012

Whilst I spent Friday with most folks thinking QE3 would have a limited impact on iron ore, so far we’re all wrong. The Fed launched ore into another spectacular bounce:

Which, as you can see, did absolutely nothing for Chinese steel prices:

I have absolutely no idea what comes next in these crazy markets but if I had to guess I’d say we’ll still need a retest of the lows once quenthusiasm wanes (which may be never!).

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.