Daily iron ore price update (pass the popcorn)

Friday, 11 February 2022

The ferrous complex exploded on February 10, 2022 and the sky is now the limit:

There are rare occasions in life, or there used to be, when the madness of crowds becomes a spectacle in and of itself. The ferrous complex is now entering one of those periods.

As I have said for a few weeks now, I have no idea where this blowoff is going to end. Last night it got an added boost from surging Chinese credit. That it was uniquely commodity-UNintensive doesn’t matter. The big headline credit number is enough to fuel the ongoing hysteria.

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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.