Daily iron ore price update (here comes the steel crash)

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The ferrous complex was manic on Friday 22 October, 2021 as spot firmed, paper went stoopid overnight and steel crashed in the last few days of last week:

The key shift is the bursting of the coking coal bubble which is one of the most foolhardy market bids I can recall:

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The Chinese energy bubble is over barring a bit of bad weather.

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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.