Daily iron ore price update (The Hangover)

Advertisement

The ferrous complex was strong on July 7, 2021 as spot firmed, paper lifted but then fell overnight and steel boomed:

A few more charts explain what is going on. CISA output for the last 10 days of June cratered:

Advertisement

Although I am expecting this measure to fall away to next-to-no growth by year-end the suddenness of this downdraft is very likely associated with the CCP’s centurian party. We can’t have a fake celebration about the good the CCP has done without having a fake blue sky for the cameras now can we?

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.