There is not much that Scott Morrison and Mark McGowan will agree on in the months ahead. But neither will want to see China pull the plug on iron ore.
We flagged a few weeks ago that cycle highs were in place for iron ore. The rout has intensified since, with benchmark contracts down as much as 40 per cent.
Other base metals, such as copper and nickel, along with the oil complex, have also taken a hit, in line with a delta-led deterioration in global growth expectations.
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Grant Wilson is Executive Chair of Tivan Limited, a critical minerals company with major project status in the Northern Territory. He sits on the Advisory Board of Exante Data, Inc, a macro advisory and data analytics company based in New York. Connect with Grant on Twitter.
