Green shoots for iron ore?

Tuesday 9 May 2023

Shanghai rebar and Dalian futures both bounced smartly yesterday:

Is this just a part of the overall global market melt-up?

There are a few green shoots. CISA steel output data fell heavily in late April which will take pressure off steel prices in due course:

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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.