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Iron ore is teetering at one-year lows along with steel prices.
These support levels go right back to COVID. AFR is in panic mode. Radiant Group, a privately held company that has quietly risen to become one of the world’s largest iron ore traders, was reported to have allegedly provided invoices or other documents to its banks over recent months that were not valid, prompting major trading houses including Vitol Group and Cargill to cut ties with the firm.
Various banks have shifted bearish. CBA.
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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.
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