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.