That’s a bad day. The 12 month swap took out its all time low. Dalian was weak too. Rebar futures were poll-axed and sit at 2991. That’s free fall in the three main futures.
In physical, rebar average held up but the backwardation is widening and it should keep falling too. Spot iron ore cracked and looks destined to retest its June low below $90. Rumours are that port stocks are selling well below $90 so more downside in spot still looks good. The BDI cape resumed its rocket, for what it’s worth!
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Right now technicals and shitty demand are giving the bird to seasonality. The equilibrium is still in place but oversupply is causing a perpetual bleed.