The iron ore price continues to swing around more rapidly than the two-party preferred vote of a disillusioned electorate.
Yes, you know what I’m talking about, Australia. That much!
The benchmark spot price for 62% fines fell by 2.39% to $54.33 a tonne on Friday, according to Metal Bulletin, largely reversing the 3.28% gain achieved on Thursday.
Despite the significant drop on Friday, the price still managed to record a weekly gain of 7.35%.
As the figures suggest, the price action has been wild in recent sessions.
That looks set to continue today, at least based off the enormous gains recorded in Chinese iron ore futures overnight on Friday.
The most actively traded September 2016 contract surged by 3.8% to 437 yuan, leaving it at the highest level seen since May 11.
There were also significant gains in Chinese rebar and coking coal futures, signalling that the bullish price action is being driven optimism over the outlook for steel prices.
Trade in Chinese futures will resume at 11am AEST.