Commodities

The ferrous complex rolled on Friday as we head to the Two Sessions.

Roll the tape.

The ferrous complex closed the jaws again yesterday.

There’s not much very encouraging going on for ferrous.

Chinese markets are open again, and dirt is flying.

Iron ore futures have been on a significant sag in Singapore over the Chinese Lunar New Year break.

Société Générale uses options markets to read psychological pivots for precious metals.

China is closed for CNY for a week. SGX is closed for two days. Steel profits have improved, and we will probably see a decent rebound in output post-holiday. However, I expect this will only serve to drive steel prices lower amid stalling (and contracting) steel export growth plus weak domestic demand.

The ferrous jaws are all but closed after a Friday flush.

DXY stopped falling last night, possibly as Trump withdrew ICE from Minneapolis.

The ferrous jaws may have partially closed, but a new problem is fast emerging: the price of steel amid weak demand.

The world’s most unpleasant nation, and the Albanese government’s best friend, has once again bared its fangs, not to mention its glass jaw.

The ferrous jaws are closing on a monthly basis.

The ferrous jaws are finally closing.

The ferrous jaws are closing, though we still need a price nearer to $90 for iron ore for steel enterprises to make sense.

The ferrous jaws must close, and slowly they are.

The ferrous jaws must close!

The ferrous jaws must close!

The ferrous jaws must close!

The ferrous jaws must close!

The ferrous jaws must close!

The ferrous jaws remain far too wide.

The ferrous jaws have only marginally compressed.

The ferrous jaws have eased, but nowhere near enough.

Iron ore prices came off again yesterday, but the jaws remain wide.