Spot jumped. Paper went nutso. Steel was firm but is still stuck.
It was all about Chinese data which showed a big push into MOAR empty apartments:
I just don’t think that this matters terribly. Record steel output:
Hasn’t triggered much activity in Chinese iron ore imports even accounting for recent supply weakness:
Presumably owing to the rise of scrap inputs and some rebound in local iron ore production. Iron ore price rises this year have been a supply side story and price falls will come as it is resolved over H2. There is some evidence of that already in stabilising port stocks which are unchanged for 3 weeks at 115mt:
Chinese iron ore inventories have been drawn down and will take time to replenish but this is still a market to sell not buy as supply returns.