Daily iron ore price update (return to Eden)

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Texture from Reuters:

Steel sales in China, however, have softened as growth in the machinery sector slowed, while the offset from infrastructure has not been sufficient, Westpac analysts said.

“The Chinese administration clearly stated at the July Politburo economic meeting that property will not be used to boost growth this time so this significant part of steel demand is unlikely to come to the rescue in 2020,” they said.

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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.