Daily iron ore price update (bear market rally)

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The ferrous complex continued its huge counter-trend rally on August 27, 2021 as spot jumped and paper launched:

This is still classic bear market action. Iron ore jumped with every other commodity on the something for everyone Powell speech.

However, I still expect real steel demand to keep on falling ahead as Chinese construction slows into a hard landing.

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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.