The ferrous complex has joined the commodity crazy town engulfing global markets. Everything was up on January 12, 2022:
Commodity crazy town is here:
- A falling US dollar based despite Fed tightening.
- Strong US inflation.
- Chinese stimmies and OMICRON disruptions driving more inflation.
This will now be a battle to the death between stagflationist robots bidding for dirt driving global higher for longer and the tightening Fed.
I still think that iron ore is a bear market rally that will roll over the moment sense returns.
But when that is is now caught up in the widening gyre of commodity crazy town!