The iron ore price fell out of bed last night with the Dalian futures contract falling 8%. MMMM Why? It seems for some unknown reason the Chinese government is p#$$@d that the iron ore price keeps rising. The Chinese government is back to its old tricks of jawboning the price down. More investigators been sent to find out the people who have "violated business ethics" by issuing and hyping fake information. It should not be too hard Bloomberg announced that Vale shipped less iron ore than expected and Bloomberg Intelligence sees global iron ore supply contracting this year after growing in 2021! The CCP just has to arrest Mr Bloomberg to fix the problem, shame he is in New York at present.
The Dalian bourse in response from the Chinese government has doubled transaction fees for some iron ore contracts. All this from the CCP does not change the fact that the demand for iron ore is ramping up. Inflation causes people to put purchase decisions forward, that new car or refrigerator will cost more in 6 months so I will buy it now! The iron ore price will remain volatile for a time but FMG is in a excellent position to profit, exciting times ahead.
Good Luck
Iron ore price, page-43385
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