The ferrous complex went nuts on Friday 23 April, 2021 with spot higher, paper flying and steel powering on:
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CISA mid-April steel output was still crazy:
China efforts to sit on the market have completely backfired now. All output curtailments have done to skyrocket prices and margins and raw materials are now following. They never learn.
Still, we in the hottest cyclical period of the year. After this week the restocking into the Labor Day holiday should end and May be weak as southern Chinese rains limit construction activity.
Beyond that, we can probably still expect a good period for prices from June to August but that’s all in the lap of the gods now. A lot more Brazilian ore is coming and the demand slowdown is on deck for H2: