The ferrous complex was slaughtered yesterday as Beijing ramps up its campaign to burst the commodity bubble. Spot iron ore was slammed. Paper held on overnight. Steel was flushed:
China’s NDRC was forthright:
The meeting pointed out that since the beginning of this year, the prices of some bulk commodities have continued to rise sharply, and the prices of some varieties have reached new highs, which has attracted widespread attention from all sides. This round of price increases is the result of multiple factors, including international transmission factors, but also in many aspects that reflect excessive speculation, disrupting the normal production and sales cycle, and contributing to the price increase.
