The ferrous complex was mixed on
It was a genuinely stupid bounce in iron ore futures from a market that really has dragged its anchor in terms of fundamental analysis over the last two years as Dalian night trading has become the dominant price-setter. I suspect it is Wall Street loons that are to blame.
The steel and iron ore market is still getting worse. The property “bailout” is a nothing burger. Starts have further to fall. The infrastructure stimulus is only backfilling lost revenues. And on the ground signals are getting worse. CISA output in mid-July:
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