Spot went pop. Paper too though there was more buying overnight. Steel is caput. We’ve overcooked it here and it is going to come undone, either now or soon. Supply is returning steadily and demand is not great. The charts:
Clyde Russell does an about turn:
Shipments from the two major exporters, Australia and Brazil, show a recovery in June, according to vessel-tracking and port data compiled by Refinitiv.