Daily iron ore price update (bloodbath ahead)

Monday, 9 May 2022

The ferrous complex buckled a little on Friday May 6, 2022:

Weekly Mysteel indicators are still bad:

But much worse is in the pipeline. Chinese property sales by floor area were down 60% last week. Starts were only down 21% in Q1. Q2 is going to see a dramatic deceleration.

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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.