The ferrous complex was smashed on August 31, 2021 as Chinese data tanked. Just as importantly the market took it at face value rather than seeing it as good news auguring more stimulus. Spot was hit and paper collapsed limit down:
There’s not much more to add. I remain of the view that we are going to $100 before year-end because iron ore is in a glut as Chinese demand withers, supply rebounds and the price needs to fall the highest marginal cost producer before it stabilises.
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Everything in between here and there is speculative codswallop.
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