FE on SMM
COVID Lockdown is hitting China.
Shanghai & Shenzhen included amongst other parts.
This is not a Mickey Mouse lock down. Tens of millions of people in lockdown, but the location of these lockdowns is telling. Big tech & industrial manufacturers are heavily concentrated in these areas. This is a very interesting development.
DCE & SGX both hit today with falls of over 6-7% reflecting this imo.
I think that this will likely force the hand of the Peoples Bank of China. Expect interest rates to fall on the 21st of March 2022.
Iron ore price, page-44170
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