Ferrous remains the outlier in the exaggerated dead cat bounce, popping a little without steel support, probably thanks to the Pilbara strike in two days. It will cost BHP $120m per day, so it won’t last long. Also bullish, Ferrexpo suspended mining in Ukraine, though it is already much smaller than it used to be. The latest newsflow from China is poor. The new orders index decreased to 50.9 in July (vs. 53.1 in June), the outstanding business index fell to 50.8 in July (vs. 51.6 in June), and the employment sub-index declined to 50.8 in July (vs. 51.1 in June).