Iron ore sags as Chinese flee virus

Monday, 19 December 2022

Iron ore futures were clubbed on Friday with rebar prices as the Chinese economy sinks into the COVID shock.

It’s going to get a lot worse before it gets better:

Beijing’s rapidly spreading Covid outbreak has turned the Chinese capital of 22 million people into a virtual ghost town as stores close and restaurants empty, underscoring the cost of President Xi Jinping’s sudden pivot away from Covid Zero.

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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.