Iron ore guzzles Chinese stimulus mirage

Tuesday 6 August 2024

Some days, iron ore is a marvel. Because only one market matters to it—China – it can behave entirely contrary to everything else.

Still, yesterday’s rally was one for the ages amid the global rout. Shanghai rebar futures took off and SGX followed, creating yawning jaws:

Mad Dalian rallied 3% but flamed out overnight:

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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.