Whose Force Majeure Comes Off First?
The Rhine at Kaub bottomed at 5 centimetres on Monday and reads 46 this morning, a 41-centimetre reversal in four days, and not one of the letters written on that low water has come off yet. Plus the silicon metal orders publish with two duty-free holes in them, a dumping case that collects nothing, and three chemical sites walk off the Superfund list.
If you covered a Rhine-exposed grade at spot this week, go and look at the gauge before you buy the next parcel.
The Rhine at Kaub bottomed at 5 cm early Monday morning. At 11:15 CEST today it read 46 cm.
That is 41 centimetres in four days, on a series that spent the previous week grinding down one centimetre at a time (chart below).
Six items this week. The first one is the only one that moves a tonne, and nobody has written the letter that acknowledges it.
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