Daily iron ore price update (PMI sag)

The ferrous complex is getting more and more volatile. I take this as a sign that we’re topping out given it appears to be a struggle between bulls and bears versus the former bulls only. Spot jumped. Paper went further overnight. Steel is lagging:

Yesterday’s steel PMI was soft with output booming but new orders falling 39. This index is very volatile so I don’t usually take fright until new orders are in the low 30s:

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