The ferrous complex was firm yesterday with a broad rally on a delayed reaction to Tuesday’s news about more Brazilian mine suspensions. Spot was up. Paper flat overnight. Steel rallied:
Chinese port inventories are at 127.65, adequate only:
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Not much else to say. I still think that the risk of an EOFY sell-off is high given smashed mill margins but the market is still clearly tight so perhaps not.
Expect good pricing strength for a few more months before pressure in Sep/Oct.