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The iron ore jaws are wide on the war.
Seasonality is strong, but Coldman channel checks confirm this is not the case.
Orderbook trend: The forward orderbook trend of most steel mills are mixed in April, and weaker than normal seasonality.
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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.