FE on SMM & other FMG price data.
Given the Ann today by the PBOC to hold fire at least for now, I was expecting a pronounced response from the traders at the Dalian moving tonnes of Iron Ore. Instead we actually got a very stable days trade.
i
I guess that the freeing up of Tangshan and logistics is creating a natural floor on pricing, also seeing some suggestions that real estate demand is picking up.
Why the PBOC decided not to move on is a mystery to me, The economic data is predominantly backward looking, and I can only conclude that the lockdowns haven’t hit this data enough to warrant a rate reduction at this stage.
it is no mystery that the central gov has been talking about support and stimulus, so not sure.
Xi wants the rates cut cause it will be politically popular, despite the impact on the bonds, foreign debts and capital flight and the risk it might pose to inflation.
Meh I am still backing the rate reduction…. Delayed not dead.
Iron ore price, page-44620
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