Even the Chinese can't stop commodity prices rising further21 May 2021 10:37
https://www.mining.com/iron-ore-price-down-as-china-steps-up-efforts-to-curb-soaring-prices/
Nice quotes from the article say it all really.
Richard Lu, senior analyst at commodity consultant CRU Group’s Beijing office, said the skyrocketing steel prices “will frighten some consumers at some point.”
“The commodities bull run is definitely not done yet,” Eric Liu, head of trading at Chinese copper trader ASK Resources Ltd. told Bloomberg.
“Every country is grappling with rising inflation, but as long as they don’t actually tighten monetary and fiscal policies, commodity prices can hardly cool off.”
“For the time being, global commodity demand signals are still firing on all cylinders, with the recent weakening still consistent with noise,” TD Securities analysts led by Bart Melek said in a note. But “the context points to risks of normalizing growth.”