Daily iron ore price update (rational or irrational?)

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Spot prices to the moon. Paper stalled. Steel fell. The charts:

To me this is now quite irrational. There’s enough iron ore that can come on at this price to sink it to zero. The only question is this, from Reuters:

Iron ore miner Vale SA’s chief financial officer and its former chief executive should be indicted for manslaughter, a Brazilian Senate committee probing a deadly dam collapse recommended on Tuesday.

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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.