The ferrous complex was mixed overnight but it is once again party time for iron ore as strong seasonals combine with a falling DXY to deliver a surge in prices. Spot roared. Paper too. Steel fell:
CISA early April production data was out was firm:
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It appears we might give new post-2011 high prices a shot here before we come apart in May.
Not much else to report. Bartho wrote a nice history Huarung. The latest is that it will repay its next bond at month-end. Beyond that who knows?
Expect the strong pricing to run into May before we shunt lower, then a rebound afterwards. H2 is when the slowdown should become more obvious.
Today’s China data will be very interesting for real estate starts. I will post later this afternoon.