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Iron ore is staging a little recovery, just for fun. The normalised price, accounting for elevated freight costs, is roughly $10 lower.
Chinese demand remains poor.
The forward orderbook trend of most steel mills picked up MoM in September, and saw weaker than normal seasonality.
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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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