Iron ore price rockets

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Kaboom! Up she goes across the board with follow through also in Chinese steel.

The charts for ore look like this:

The charts for steel like this:

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Looks like the bottom is on, more or less. Still reckon we’ll see a retest. And in the medium term I hope we heed the warning of the past two months. Almost certainly not.

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.