Iron ore prices firmed overnight as the ferrous complex warmed into global reflation. Steel prices surged giving steel mills some margin but they will need to keep raw materials purchases contained or it will all be gobbled up by the miners:

The steel surge is global as demand is clearly outstripping supply for now. China is still leading it in short-dated supply:
For pig iron as well:
The question is, when does the Chinese credit impulse sit on the boom?
6-9 months so not until Q3 or Q4.
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