Iron ore prices slumped alongside other commodity prices yesterday, to its lowest level for the calendar year as more COVID concerns in China amid further lockdown worries just after Shanghai pushed through a two month event. Interestingly though, Dalian futures had a wild ride in yesterday’s trade as the spot price pulled back, with other contracts also edging higher:
More troubling news for China on Simandou in Guinea, as they try to break the stranglehold on Australian iron ore supply. Better get that Yuan checkbook out:
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Two weeks ago Guinea’s military leaders, who ousted octogenarian President Alpha Conde in a coup last year, issued an ultimatum to some of the world’s biggest miners.