Commodities

The ferrous complex continues to struggle.

It is the unsinkable metal ore despite falling steel prices.

The ferrous market is not strong. Data is all over the place. We’ve had strong Chinese credit, but much of it is debt swaps with only marginal growth impact. Goldman. March total social financing (TSF) flows and new RMB loans came in above market expectations, mainly due to strong expansion of short-term corporate loans.

SGX and rebar futures have firmed a little.

Of all the commodities, iron ore has so far held up the best post-tariffs.

The ferrous jaws remain. BHP has delivered iron ore its last rites. BHP (ASX:BHP) Group (NYSE:BHP), the world’s largest publicly traded mining company, is reportedly contemplating the separation of its Australian iron ore and coal divisions.

The jaws are back as steel falls while iron ore rises.

The ferrous complex continues to struggle.

Iron ore continues its plod sideways as steel falls away.

The jaws remain wide.

Goldman has pumped copper and is now turning.

Never say never with iron ore.

Decent output levels are keeping iron ore supported for now. There’s nothing good happening property. Compared to December, China’s on-budget fiscal revenue and off-budget land sales revenue both weakened meaningfully in January-February, more significant than the deceleration in government spending growth. Our proprietary “augmented fiscal deficit” (AFD) metric widened slightly in February vs.

The ferrous jaws are back.

The great coal crash continues.

The iron ore jaws are wide.

The jaws are getting stupid as steel prices are in free fall.

Steel prices are in free fall as tariffs mount.

The latest sales data is flatlined.

So much for the ferrous rally.

Sense never lasts long in the iron ore market.

I have long argued that RIO’s treasonous Simandou mine is the Pilbara and QLD killer via crashing iron roe and coking prices.

For a while there it was almost as of iron ore might turn rational and close its jaws with steel prices.