Daily iron ore price update (toppy)

Spot fell. Paper too. Steel is still being supported by Tangshan output curbs.  CISA steel output pulled back in late May. The charts:

The last chart is more marginal evidence that steel mills have hit some kind of over-production tipping point. The pullback was coming via margins anyway but enforcement by regulators achieves the same goal.

With Brutucu returned and mills cutting output, there’s a decent chance that iron ore has topped.  Irrespective, it’s coming, and it’s a much better time to be laying shorts than getting long.

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