The ferrous complex was mixed on April 21, 2020 as spot iron ore fell, paper and steel lifted:
Expect the strong pricing run to persist through next week right up to the Labor Day week holiday. At that point, I’m looking for a steep pullback.
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In news, Kevin Rudd is ringing the bell at the top again:
Iron ore miners are ripping off taxpayers amid buoyant commodity prices and should face the type of levy they successfully scuttled a decade ago, according to former prime minister Kevin Rudd.
Absolutely true. But nothing is going to happen about it.
The last time Kevin Rudd prosed this tax we were eight months from the cycle peak.
We won’t need to wait that long this time.