The failed attempts by the Chinese government to control market volatility reached new levels last week after iron ore prices jumped 20% overnight reaching as high as $60/t on the May SGX futures contract before collapsing back below the previous Friday’s close of $50.40. The catalyst was announcements made by the government of plans to curtail 100-150m tons of steel production over an uncertain period and the immediate closure of 50% of the city of Tangshan’s steel production from April through October to clean up the air for the 2016 World Horticultural Exposition. Tangshan produces as much steel per year as the United States.