Daily iron ore price update (steel shred)

The ferrous complex was pounded on May 18, 2021:

Rebar futures are breaking down:

With the Chinese property bust getting worse by the day, and supply set to rebound materially, the downside risk is obvious.

But, I still think it will probably take a broader commodity capitulation to bring sanity back to these markets.

The Fed appears intent on just that.

Houses and Holes

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