Shanghai crash drags down steel, iron ore

Tuesday, 30 June 2015

The ongoing Shanghai stock crash is broadening out to some commodity markets with rebar futures in China limit down this morning and Dalian iron ore futures weakening sharply down 7 points to 417, on top of 10 points overnight making it effectively limit down versus yesterday, as I write.

Big iron opened firmly this morning but is weakening now with BHP down 0.6%, RIO down 0.5% and FMG leading the way at -2.3%:

The BHP and RIO idiocy are closing again and the FMG sanity spread widening:

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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.