The ferrous complex has shot clear of Planet Earth with spot losing its anchor. Paper was limit up plus all day yesterday but got hammered 5% last night as Chinese regulators dropped the jackboot on Dalian margin requirements. Steel is mad (note the table has several days of gains):
Gone is any concern for the usual seasonal slowdown in May. In its place is furious steel pumping as margins soar:
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Meanwhile, iron ore supply is fine but inventories are moderate at best. Any pressure to restock will be (is being) spectacular for prices: