In a nutshell: . CHINA PMI - February NBS manufacturing PMI (50.2) beat, non-manufacturing (50.4) came in line . STEEL MARGINS - BF spot EBITDA/t surge in February . STEEL US - Algoma Steel forced to temporarily shut down blast furnace . STRATEGY - US Consumer Health Check Daily prices as of February 28th / PRICE MOVERS . MACRO/COMMODITY WRAP: The week starts off with a focus on geopolitics as European leaders showed support for Ukraine following an Oval office clash on Friday between Zelenskiy and Trump. UK Prime Minister Keir Starmer hosted an emergency security summit on Sunday with Britian calling for a ''coalition of willing'' countries to secure Ukraine with a plan to ''stop the fighting.'' Copper trading higher (+0.6%) in early LME trading despite the threat of tariffs overhanging the market. Iron ore futures declined for a sixth straight session as rising trade tensions between the US and China outweighed improved manufacturing data from China. Rio Tinto (+) announced it has resumed shipping at its East Intercourse Island (EII) facility at Dampier Port following the impacts of Tropical Cyclone Sean. Dumper operations at EII resumed last week and the first ship was loaded yesterday. 2024 iron ore shipment guidance remains 323-338Mt though RIO notes that mitigation plans are in place to offset approximately half of the 13Mt lost from the four cyclones YTD. That language has not changed since release of its 2H24 results two weeks ago. Gold (2,862/oz) gaining this morning after a sharp correction last week with investors eyeing tariffs set to be imposed on Canada and Mexico. Last week was the first weekly loss for gold in 2025. . Macro data this week: Eurozone CPI (consensus +2.3% y/y) and US ISM manufacturing (consensus 50.5), US initial jobless claims (prev 242k) on Thursday, Eurozone 4Q24 GDP (consensus +0.9% y/y) and US nonfarm payrolls (consensus 155k) on Friday. . STEEL MARGINS - BF spot EBITDA/t surge in February: With EU HRC up 10% YTD...