Daily iron ore price update (goodbye, farewell, and Amen)

Monday 31 October 2022

The ferrous complex was smashed on October 29, 2022:

Chinese rebar is now at a six-year support line. I can think of no good reason why it should not go straight through it:

Likewise, Dalian futures are fast approaching post-COVID support and is odds-on to crash back into the pre-COVID and pre-Brumadinho disaster range of 400-600:

And probably the lower end of that. After all, there is a spectacular firesale of the tyrant’s assets underway:

As he turns from building to war:

This crash is not over.

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.