Iron ore turbulence builds


Weak rebar futures continue to lead iron ore lower:

Dalian reversed higher overnight on the stock market rescue effort, but that is a big yawn over the stretch. The outlook is poor:

The nation’s property market — the largest driver of steel demand — continues to face liquidity woes. More than 1,000 projects in 25 cities are seeking 373 billion yuan ($52 billion) in funding, according to a tally by Bloomberg Intelligence, which said it showed “the grave need for finance.”

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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.