Daily iron ore price update (mining crap)

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The ferrous complex was firm on October 29, 2021 as hope trumped sense in the ongoing bear market rally. Spot was up, paper boomed but steel fell:

It’s pretty much all bulldust in this market now:

Iron ore futures in Singapore jumped nearly 10% as optimism over a bout of restocking by China’s steel mills added to tailwinds from the risk-on mood in global markets.

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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.