Just a week ago we warned of China’s record glut of Iron Ore (enough to build 13,000 Eiffel Towers), and following warnings from Barclays and RBA of a likely pullback, futures in Dalian sank to lowest since November as steel sags.
Bloomberg reports that iron ore is getting beaten back down in a told-you-so rout after a procession of analysts, Australia’s central bank and miners themselves delivered warnings that gains were unsustainable, with the latest blow landed by the world’s top shipper saying prices are set to revisit the $50s.
This post was published at Zero Hedge on Apr 7, 2017.
Follow on Twitter
Recent Comments