Iron ore to the moon!

Wednesday 3 July 2024

As predictable as the sunrise, iron ore is off and running as speculators pile up in the hope of “Chinese stimulus”.

The problem is, steel mill profitability, you know, the real economy, is, once again, wiped out, guaranteeing the opposite move before very long:

Dalian was its usual mad self:

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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.