The ferrous complex was strong on July 7, 2021 as spot firmed, paper lifted but then fell overnight and steel boomed:
A few more charts explain what is going on. CISA output for the last 10 days of June cratered:
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Although I am expecting this measure to fall away to next-to-no growth by year-end the suddenness of this downdraft is very likely associated with the CCP’s centurian party. We can’t have a fake celebration about the good the CCP has done without having a fake blue sky for the cameras now can we?