Federal Reserve Chairman Kevin Warsh signaled a flexible approach toward the December meeting, refusing to commit to a specific path while leaving the possibility of a rate increase firmly on the table. This ambiguity has kept investors cautious, prompting a broad sell-off across raw material sectors as the cost of capital remains a primary concern for industrial producers.

Simultaneously, regulatory pressure in the steel industry is adding to the sector's volatility. Canadian Industry Minister Melanie Joly issued a stern ultimatum to Cleveland-Cliffs, granting the American firm nine days to honor specific investment and employment commitments solidified during its acquisition of the Ontario-based steelmaker Stelco. Failure to meet these terms could further complicate the company's regional operations.