Daily iron ore price update (rally into nothing)

Monday, 9 January 2023

The Chinese steel market finished 2022 on a decidedly weak note:

Yet markets are bidding wildly for steel, iron ore and coking coal on the hope of Chinese reopening, as expected:

I have been bullish for this reason for the past few months and remain so for a few more. However, I do not think that 2023 will be good for steel or steel commodities.

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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.