This is still an unconvincing bottom:
In one day, iron ore speculators have wiped out any margins steel mills had regained through the correction. Ergo, their purchases will remain subdued and destocking is a threat.
As well, the Chinese data was not good. It was bad. Pig iron ore output was down 0.6% yearly across Jan/Feb. The gains for crude steel output were all for recycled steel:
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