You can’t keep a good dead company down! Iron ore juniors and majors are mostly up today, even as Dalian iron ore futures fall 3 points to their Monday lows and rebar futures stall in China:
The idiocy spread hasn’t deteriorated much yet (remember these are one week moving averages) but remains at a record wide:
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Clearly markets are still reckoning on a rebound soon. Some sort of Q4 restock will probably still come but at the current rate of decline in Chinese housing data it ain’t going to be much chop. I remain of the view that equities are not sufficiently discounting this outcome.