One does wonder what it would take to turn that smile upside down.
If we ever see $85 again it will be brief. The supply deluge has barely begun. Chinese demand is slowing very fast, with export growth preventing a calamity, which will also slow next year. We are effectively at “peak steel”. The “great Australian rebalancing” is on the verge of the great Australian bust.
A serious assessment might generate appropriate investor and policy concern.