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The ferrous complex went nuts yesterday, hitting the highest prices since 2011. Spot launched. Paper faded overnight. Steel firmed:
Yesterday’s major miner reports were actually pretty good so I’ll up this down to the general tumbling USD and revived risk bid.
Vale is bringing back the volumes. The only question I have is why its sales were so low:
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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.