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Commodities viewsOn the commodities front, these are Morgan...

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    Commodities views

    On the commodities front, these are Morgan Stanley’s latest views:

    Steel / Iron Ore

    • We’re approaching the peak season for construction and this is spurring an increase in Chinese steel output.

    • Steel exports are also strong, up 31% in January-February, and this has resulted in an 8% increase in iron ore imports.

    • Iron ore port inventories rose sharply into January, but have drawn down in February.

    China's iron ore stock at ports and stock-to consumption ratio. Source: Mysteel, NBS, CEIC, Morgan Stanley ResearchChina's iron ore stock at ports and stock-to consumption ratio. Source: Mysteel, NBS, CEIC, Morgan Stanley Research

 
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