The ferrous complex rolled over yesterday and last night as the US dollar rallied. Spot was up a little but paper fell overnight. Steel has not updated:
If the US dollar advances from here on strong US jobs then expect iron ore to have peaked and fall away earlier. It is a factor after the rise of Dalian paper markets.
There are 886 words left in this subscriber-only article.
Start your free 14-day trial today!
Not much in news but a few charts from GavKal. First, I have noted many times the strange gap in recent times between strong sales and weak starts for property. Most recently, this has come about because of China’s new “three red lines” policy that aims to deleverage big property developers:
Inventory is very high which will enable the jackboot to stays on developer throats for an extended period.
Or is that forever now? Has the structural change of advanced urbanisation and failing demographics finally reached the tipping point?
Only time will tell.