Here is Friday’s iron ore complex price table:

And the chart:

And Chinese steel:

Rebar’s roll over does not bode well for short term prices. Neither do the key spread charts. First, ore to rebar in percent, which is too low:
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And ore to 12m swap is too high for the $120 price level:

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Definitely room for more falls and not much room upside. Which leads me to this final chart:
