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ASX ignores US tech slump; Big miners, Afterpay bounce back – The Sydney Morning Herald

The ASX 200 rose by as much as 0.7% at Friday’s open but soon gave up its lead. The big miners and tech stocks bounced back after heavy losses on Thursday.

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Commonwealth Bank’s commodities team says steel demand concerns in China and expectations of ample seaborne supply are weighing on iron ore.
“The indicator to keep an eye on for iron ore prices to extend further losses is the trajectory of Chinas steel mill margins,” CBA’s Vivek Dhar said.
“In the last month, steel mill margins have narrowed considerably, but still remain in positive territory.”
Mr Dhar said a move into negative margins would precipitate a large downward correction in iron or…

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