The ferrous complex was weak on December 8, 2021 as spot fell, paper fell more overnight and steel was shellacked:
CISA’s latest steel output number crashed to all new lows, falling below 2016 levels. It’s only a flesh wound:
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However, there was reason for bulls to celebrate on thermal coal which lifted and therefore holds out the hope that the 120mt of steel recycling output that is offline stays that way: