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Tianjin benchmark iron ore was unchanged at $54.50 overnight. I continue to think that a resumption of Chinese trading next week will bring further price correction given the flood of Chinese property tightening this week.
Thermal coal continues its tear, hitting $83.50 yesterday as China continues to restock:
No news today.
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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.
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