Iron ore downgraded

Friday, 1 March 2024

Rebar and SGX futures cannot catch a bid:

Early next week is the “Two Sessions” in Beijing with markets expecting a 5%ish growth target. It will need to pack more punches than just that number to lift iron ore.

Assuming a 2024 CPI and GDP deflator of a marginally improved -1%, 4% real growth with other dubious distortions means 2-3% real GDP.

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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.