The ferrous complex was mixed overnight as spot climbed and paper fell. Steel has not updated. Chinese steel output via CISA remains very strong for late March:
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With steel prices so high it will be very difficult to prevent mills from keeping steel output high. This is bullish for iron ore at the margin.
Nonetheless, my outlook is still for seasonal weakness in May followed by better, then another hit in September, ending the year materially below current prices as Chinese growth fades and supply booms.
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