Iron ore price, page-416

Not "all" Syria, slow demand for Steel and price drop on Steel still contribute a large fall in IO price. Price of steel continue to fall, IO Future traders taking "risky" money off the table because:

1. Syria - now US confirmed it'll be ONE off, so market not concern.
2. Unemployment in the US - job report was bad due to more cuts at retail sector, but unemployment fell to 4.5%, so Fed rate rise still on the card.
3. Trump - Xi meetings - All went smooth, Trump got invited to China later in the year.
4. US anti dumping on China Steel - probably happen next week.
5. Property control policy - This is the main reason, a government statement released on Thursday outlined the steps taken to prevent housing and land price hikes.

The first 4 issues doesn't concern China too much, but the last one really sent steel and IO prices down on Friday.

There will be a lot of Chinese economic data coming out next 2 weeks, hopefully take government focus off housing prices. And in 10 days time, we will see data for Chinese housing price for March, and if March prices fall, you should see China relax a bit on those control measures, after all, they don't want to kill off the property sector.

BTW, Tangshan Billet drop another 80 yuan late yesterday, but today it's up 20 yuan, and most steel prices so far stable, there are up and down prices

DYOR.

Frank.