Texture from Reuters:
“Market will further evaluate the impact on steel products’ consumption and output from the coming National Day holiday,” Huatai Futures wrote in a note, adding that the underperformance of the newly launched iron ore futures contract based on new delivery rules also affected sentiment.
That’s about it right now as Beijing seeks clearer skies for its bizarre ritual of pretending its all good for National Day. I suspect we’ll see more restocking after the break. Inventories have recovered somewhat at ports and mills but both are still far down on early 2019. That will provide some near term price support. That said, it could easily be derailed by the slowing economy.
