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***CHINA STEEL WRAP: Steel markets bounce back

March 12, 2010 - 09:35 GMT Location: Shanghai

KEYWORDS: china , steel , price , futures , rebar , wire rod , hrc

Chinese steel futures bounced back this week as market optimism grew on the back of Beijing's money supply assurances and strong housing data.

+ SSEC May HRC up 2% on last week to 4,208 yuan ($616) + Iron ore price returns to $141-142 per tonne cfr Chinese steel futures bounced back this week as market optimism grew on the back of Beijing's money supply assurances and strong housing data. October rebar on the Shanghai Futures Exchange (SHFE) gained 6 yuan from Thursday to close at 4,658 yuan per tonne, up 2.15% higher than a week earlier, as spot market and iron ore prices also rebounded. April hot rolled coil on the Shanghai Steel...

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Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.