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Iron ore price charts for November 10, 2016:
Boom! Yesterday’s robust China PMIs have sent the bulk boomlet nuts again. Tianjin benchmark rose another 0.9% to $64.40, paper disappointed and eased overnight. Even steel found some more pricing power. Thermal coal pinned its ears back. Coking futures took off. Steel mill profitability hit new lows but right now it does not matter.
One could be forgiven for concluding that China is in a full blown reflation 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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