Daily iron ore price update (running out of headroom)

Here is the iron ore price table for November 13th:

Given neither steel prices not the 12m wants to budge, it’s worth revisiting the spreads we follow. First between the 12 month swap and spot:

And between rebar and spot:

And then the above chart expressed as a spread percentage:

Now that’s what I call a trend towards mean reversion.

The rally is running out of headroom.

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