Iron ore miners turn to coconuts

Thursday 25 July 2024

Anyone who has read this site for any length of time knows that there are stages in every iron ore cycle that repeat like clockwork.

Today we are entering the “cocounts” stage in which the equity market ignores the bleeding obvious in the ongoing collapse of iron ore prices.

Shanghai rebar has broken seven-year support and the outlook for steel prices is terrible amid slow global growth and rising tariffs.

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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.