Iron ore price

The ferrous complex is weakening as peace prospects in the Gulf improve.

The ferrous jaws are back.

The ferrous complex is still agitating around oil, but the jaws are pretty wide, even accounting for increased shipping costs.

The ferrous market pulse is fading.

The ferrous complex is trading the war, not itself.

China’s January/February growth numbers were out yesterday and showed some broad strength. Industrial production growth increased to 6.3% yoy in January-February from 5.2% yoy in December due to significantly stronger-than-expected exports. Fixed asset investment (FAI) growth significantly increased from -13.0% yoy in December to +1.8% yoy in January-February.

DXY flamed out last night on the G7 unpledge to release petroleum reserves.

The world is falling apart, but the jaws are back.

The ferrous market does love seasonality, and no sooner has it closed the jaws than it is reopening them.

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.

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.

As noted many times, Australia enjoyed a few brief sane years of trade diversification when ScoMo stuck COVID up Beijing in 2020 and the nation responded by looking for other markets.

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