Daily iron ore price update (round trip)

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The ferrous complex bifurcated yesterday as spot corrected lower after the day before’s price wackness. Paper shot up overnight with a broader dirt rally. Steel has not updated:

A snippet from Capital Economics sums where we are at:

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The last few weeks of pump and dump have been a game of politicised speculation. The price spike began with the Australian declaration of war over Taiwan and the Chinese response in cutting dialogue. Then it was slammed back down by the Chinese jackboot on futures markets.

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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.