The ferrous complex was well bid on June 11, 2021 for no reason that I can discern beyond my own posting. Spot was firm. Dalian paper jumped overnight. Steel has not updated:
Dalian trading started weak yesterday until I posted on Vale’s latest dam troubles. Although it was not news, my reminding the market of the possibility that it would launch iron ore to $300 seemed to trigger a renewed bid. My bad!
There are 698 words left in this subscriber-only article.
Start your free 14-day trial today!
Then again, it was probably the wind.
Anyways, I still think we’re at risk of weakness headed into EOFY. Then a few strong months then down we go in Sep/Oct as China slows.