The ferrous complex was weak on July 8, 2021 as Chines demand worries begin to infect the market. Spot was down, paper down more overnight but steel bucked the trend:
Markets are right to be concerned. Property is going to come off hard in H2 and the consumer is not picking up the slack:
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Honestly, as the global inventory supercycle tops out and exports wane, iron ore is a sitting duck about $200.