Chinese markets open, steel tanks

Tuesday 9 September 2014

Yes, the iron ore crash goes on, holiday or not. Dalian iron ore futures have opened flat but rebar futures have immediately resumed selling, down the better part of 1%. Local miners have resumed the idiocy trade with the juniors flat (BCI still falling!):

And majors flat:

And the idiocy spread flat:

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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.