Iron ore hangs on grimly

Monday, 28 August 2023

Dalian iron ore futures are back to where they were when everybody thought China was going stimulate:

All signs are that no such thing is going to happen. But the steel market is still OK, supported by Chinese property completions and exports:

A restocked supply chain is vulnerable to the squeezes we have seen in the last few weeks. To go lower, we need new bearish information. That could be:

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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.