China prepares cold dish of iron ore revenge

Yesterday the ferrous complex was mixed as spot eased, paper lifted and steel fell:

The headwaters of iron ore demand are increasingly ruffled. The crunch in China Huarong bonds got worse with some bonds trading at 80 cents on the dollar and 2022 issuance trading at a yield of 35%. Moreover, there’s an awakening underway that Chinese SOEs are no longer a protected species:

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