Daily iron ore price update (silly rally)

Friday, 1 May 2020

Iron ore prices for April 30, 2020:

A spontaneous rally following stocks and yesterday’s China PMIs. It is another measure of the hysteria that the PMIs were seen as bullish. They were not.

PMI indexes are directional not absolute. With weak growth in all it is a very bad sign for China’s recovery given they are coming off such a low base. For any kind of vibrant recovery, I’d expect to see PMIs above 60 not around 50.

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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.