Daily iron ore price update (the jackboot returns)

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The ferrous complex was soft Friday 16 July, 2021 as spot eased, paper too but steel was stronger (though note that the gains were over a few days):

As warned last week, whenever the price approaches the $220 level, out comes the jackboot, from China over the weekend:

“We will coordinate with relevant departments to ensure the stability of bulk commodities supplies and prices… guide upstream and downstream players in the industrial chain to stabilise production, supply and marketing of raw materials.”

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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.