Iron ore, coking coal resume crash

Friday 29 October 2021

Iron ore and coking coal were trying to rally this morning before a stern word from the NDRC declared that prices have further to fall and remain far above production costs. Ain’t that the truth:

Indeed they are. FAR below. Dalian coking coal:

And iron ore:

RIO is in free fall. For some unknown reason, FMG and BHP are again miners of coconuts:

As this all happens while the RBA loses control of YCC leads one to suppress a hysterical giggle.

These markets are completely bonkers.

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.