![ironoresat](https://www.macrobusiness.com.au/wp-content/uploads/2012/09/ironoresat.png)
Whilst I spent Friday with most folks thinking QE3 would have a limited impact on iron ore, so far we’re all wrong. The Fed launched ore into another spectacular bounce:
![ironoresat2](https://www.macrobusiness.com.au/wp-content/uploads/2012/09/ironoresat21.png)
Which, as you can see, did absolutely nothing for Chinese steel prices:
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![chinasteel](https://www.macrobusiness.com.au/wp-content/uploads/2012/09/chinasteel2.png)
I have absolutely no idea what comes next in these crazy markets but if I had to guess I’d say we’ll still need a retest of the lows once quenthusiasm wanes (which may be never!).