Whilst I spent Friday with most folks thinking QE3 would have a limited impact on iron ore, so far we’re all wrong. The Fed launched ore into another spectacular bounce:
Which, as you can see, did absolutely nothing for Chinese steel prices:
I have absolutely no idea what comes next in these crazy markets but if I had to guess I’d say we’ll still need a retest of the lows once quenthusiasm wanes (which may be never!).