The ferous complex was weak yesterday for no apparent reason as spot fell, paper fell more overnight and steel eased:
Perhaps it was yesterday’s Twitter assault by Westpac Robert Rennie which made a good case for a major price correction in H2:
2.Steel prices have dropped sharply from May record highs. Indeed, rebar down 18/20% from May highs & pushing lows back to late March. With coking coal at 2yr highs & iron ore close to record, steel mill profitability has collapsed. For rebar,profitability is close to record lows pic.twitter.com/wEL3mmvePK