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.
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:
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