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The ferrous complex continues to trade far above fundamentals amid oil disruptions.
Chinese trade was out and sent a clarion signal that there is trouble ahead.
Iron ore imports front-ran the year at a record 120mt in January, then cratered in February to 95mt.
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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.