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 /yr as the United States.