The ferrous complex was mixed overnight as spot climbed and paper fell. Steel has not updated. Chinese steel output via CISA remains very strong for late March:
With steel prices so high it will be very difficult to prevent mills from keeping steel output high. This is bullish for iron ore at the margin.
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Nonetheless, my outlook is still for seasonal weakness in May followed by better, then another hit in September, ending the year materially below current prices as Chinese growth fades and supply booms.
