Oil floats on water and iron sinks but, as the coronavirus panic has swamped global markets, a funny thing has happened: Oil has sunk while iron remains afloat. Brent crude and key automotive-metal palladium have both lost about half of their value this year and the S&P 500 is deep in a bear market, but steel prices are down only 10% this year. Iron ore prices are flat. The bull case for iron and steel is simple: The Chinese housing market will rebound in April as pent-up demand is released and additional stimulus will...

Source: Wall Street Journal March 23, 2020 10:32 UTC