Iron ore enters free fall

David Llewellyn-Smith

Wednesday 31 July 2024

Qingdao port iron ore is at $96.16 today. Shanghai rebar and SXG futures are in free fall as well:

Turkish steel scrap futures are also breaking:

Dalian added a few points overnight but it appears we will soon challenge the 2024 low around CNY700:

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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.