The ferrous complex bifurcated yesterday as spot corrected lower after the day before’s price wackness. Paper shot up overnight with a broader dirt rally. Steel has not updated:
A snippet from Capital Economics sums where we are at:
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The last few weeks of pump and dump have been a game of politicised speculation. The price spike began with the Australian declaration of war over Taiwan and the Chinese response in cutting dialogue. Then it was slammed back down by the Chinese jackboot on futures markets.