And there you have it! Iron ore raises its bat to the crowd and the dressing room, cracking the ton!
And the charts:
And Chinese steel following through:
Adding to the joy, China’s steel output fell materially in August, down 4.9% to 1.89 millions tonnes per day in August from 1.99 million tones per day in July, confirming that the inventory cycle is underway.
The next question is, now that’s past the ton, will iron ore lose its concentration? Kind of looks like it with 12 month swaps in distress at the end of the pitch.