One can never tell with the miracle commodity but rebar futures have increasingly become a guide to iron ore pricing and right now, in real time, the news is poor:
Rebar has retraced its entire recent bounce and is sitting right on its recent lows:
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With iron ore miners down a motza (AGO 9%, FMG 8.2% and Rio 5.5%) all are also sitting at recent lows.
It’s a game of kerplunk now with iron ore.
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