MacroBusiness
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at 9:30 am on June 30, 2021 | 1 comment
The ferous complex was weak yesterday for no apparent reason as spot fell, paper fell more overnight and steel eased:
Perhaps it was yesterday’s Twitter assault by Westpac Robert Rennie which made a good case for a major price correction in H2:
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2.Steel prices have dropped sharply from May record highs. Indeed, rebar down 18/20% from May highs & pushing lows back to late March. With coking coal at 2yr highs & iron ore close to record, steel mill profitability has collapsed. For rebar,profitability is close to record lows pic.twitter.com/wEL3mmvePK
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