The entire ferrous complex is now in an advanced state of hysteria, both greed and fear. Everything is tearing the roof off (though steel did not update):
The underlying market is not tight enough to rationalise this. Steel output is very strong but entering several weak demand months in China. Iron ore supply is fine and about to materially expand as bad weather passes in major output regions.
The only demand source that matters is tightening policy fast directly into a temporary catch-up growth spurt. Its demand is going to come off sharply heading towards 2022.
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