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This is still an unconvincing bottom:
In one day, iron ore speculators have wiped out any margins steel mills had regained through the correction. Ergo, their purchases will remain subdued and destocking is a threat.
As well, the Chinese data was not good. It was bad. Pig iron ore output was down 0.6% yearly across Jan/Feb. The gains for crude steel output were all for recycled steel:
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About the author
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.
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