Iron ore is snapping back from its ridiculous rally with the whole complex losing out yesterday:
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Spot down almost 15% from its recent high with 12 month swaps retracing to the longer term average as rebar resumes its terminal decline. This market is finding the temporary support argument unconvincing to say the least.
Although if you listen to the bulls at Roy Hill, where there first shipment of iron ore is due in China this week, its nothing but blue sky ahead!