Daily iron ore price update (yawn rally)

The ferrous complex popped on November 11, 2021 with spot and steel but paper flamed out overnight:

The market is trying to get excited by yesterday’s wave of policy rumours. But, the truth is, they are policy calibration not a swing to broad stimulus so the downside case for Chinese construction is intact if marginally mitigated, and the bearish case for iron ore undisturbed.

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