Iron ore price

The ferrous jaws are open.

The ferrous jaws are as wide as ever.

Iron ore is printing money, though I’m blowed if I know why.

For no sensible reason, iron ore is threatening to break out to its highest point in two years.

The Chinese PMIs were a mixed bag, but overall showed a slowing economy.

Steel prices have been rising, which does not make much sense.

The iron ore jaws are wide on the war.

Chinese steel exports are down 10% in Q1.

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.