Daily iron ore price update (bears everywheres)

Thursday, 23 February 2017

Spot down. Paper flat. Steel still rising. Coals deflating. Bears are everywhere now with BHP and FMG warning on overheated prices. It’ll pop when it pops. Nobody does bubbles like the Chinese.

Longer term, nothing has changed, via the AFR:

“The future is kind of pessimistic,” said Frank Zhong, the chief representative of the World Steel Association in Beijing.

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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.