Steel, aluminium, and lumber prices under tariffs. Construction and auto input costs set by trade policy.
What to watch: HRC steel; lumber futures; Section 232. It arrives weekly, and the effect typically lasts months.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
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