Daily iron ore price update (quick and violent)

The ferrous complex flamed out on January 13, 2022 as Chinese property hit the kids:

Is that it? Who knows! What we can observe is that the recent bullish hysteria will have nicely bloated the holdings of speculators and steel mills even as the demand outlook doesn’t improve at all and we head into both a major output stall coinciding with the Winter Olympics plus the resumption of 120mt of idled scrap steel production equivalent to 20% of Chinese iron ore demand.

Be warned that when this bear market rally turns south, it will do so quickly and violently.

Houses and Holes
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