Iron ore price

Bloomie, with a factual report on Chinese property, it can’t stuff up. The value of new home sales among the 100 biggest real estate companies fell 29.6% from a year earlier to 390.19 billion yuan ($54.6 billion), according to preliminary data from China Real Estate Information Corp.

So says BMI: Seaborne iron ore prices are set to climb to as much as $150 per ton in the first half of 2024, according to analysts who have lifted their estimates on expectations of increased demand in China after recent stimulus measures.

Lol, this is fun to watch.

Here’s the chart.

Caixin has a good report on the mounting panic in Beijing as the property black hole expands.

Bloomie with the report.

Chin’s October data dump was released late yesterday.

No change in sight.

At this stage of the iron ore cycle, it pays to sit back and admire the insanity: Goldman can chalk up another commodities disaster.

It has always been thus and got worse when it was financialised.

There are irrational markets, and then there is iron ore.

Chinese property sales have been less dire since Golden Week.

Senor Bloombergo with the report.

It won’t be enough: The nation’s legislature approved a plan to raise the fiscal deficit ratio for 2023 to about 3.8% of gross domestic product, the official Xinhua News Agency said Tuesday — well above the 3% set in March which the government has generally considered a limit for the nation.

Rebar futures are in free fall again: This is dragging down iron ore and coking coal futures: Collapsed margins are killing everything: The blast furnace capacity utilization rate among the 247 Chinese steelmakers surveyed by industry data and consultancy provider Mysteel dropped for a third consecutive week to 90.62% over Oct.

Friday was a bad day for iron ore on the Dalian exchange: There is a large set of jaws between the miracle metal and steel prices based upon hopes for stimulus: But it isn’t coming.

Nothing says ‘goodbye China’ like yield spreads.

Goldman with the details of the GDP release: China’s Q3 GDP and September retail sales data beat market expectations, suggesting continued improvement in sequential growth momentum from Q2’s low.

Iron ore is ripping again.

Goldman with the wrap of September Chinese credit: September TSF data were stronger than expected on robust government bond issuance and shadow banking credit expansion.

Construction steel prices are falling away, but not iron ore futures in Singapore: Nor Dalian: Steel margins have thus collapsed.