Iron ore prices for March 2, 2020:
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Spot soared. Paper soared. Steel soared. The steel PMI cratered. Everything is too disrupted to make much sense. Argus sums up the hope:
Demand for steel collapsed following the impact of the coronavirus outbreak amid delays in resuming work at downstream companies. Demand for steel from overseas markets also reduced significantly, said the CSLPC. “It is expected that in March, as the epidemic situation continues to be controlled, the construction sites of enterprises will start to resume work, demand will accelerate and the relaxation of logistics will also help steel mills to produce and sell,” it added.