The ferrous complex was mixed on March 30, 2022:
In the past week, Dalian futures have jumped 15% while spot has nowhere. I have never seen this kind of dislocation before.
Perhaps the physical market is much looser than the heavy buying of futures would suggest.
Perhaps it will converge all in one go soon. I don’t know.
It adds to the fog.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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