Average prices of new homes in 70 Chinese Cities rose 11.3 percent year-on-year in March of 2017. On a monthly basis, new home prices rose 0.6 percent from February. Chinese government spokesperson said effects of the "housing restrictions policies" would most likely to show after April. IO / SR Future went up a bit after the data, but faded after knowing still a tough few months ahead for the Steel Sector.
I can't see the IO price "bottom" yet, I think without "demand", we need IO price to head down much lower to get rid off "high cost" Indian and Chinese IOs. Currently Chinese IOs are still selling US$70+, another fall of US$10-15 they will definitely start to exit.
FMG need to improve their "discount", unfortunately it's the Market pretty much determine that.
DYOR.
Frank.
FMG Price at posting:
$5.17 Sentiment: Hold Disclosure: Held
(20min delay)
