Daily iron ore price update (convulsive)

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Iron ore price charts for December 11, 2018:

Spot is treading water. Paper jumped convulsively when it learned that Chinese credit is crashing. Coking coal contracts rolled forward. Steel is weak and getting weaker.

Iron ore these days rises long before any actual stimulus meaning that strength is greeted with price rises and weakness with the same. This is pretty stupid and I expect it will come-a-cropper in Q1 as real demand dives with steel prices.

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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.