The ferrous complex was firm on June 28, 2021 as spot, paper and steel rallied play Chinese port stocks fell 124mt:
Levels are lowish but not alarming.
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Readers will know my base case is that we will see a few more months of strong prices before we start to fall away in Sep/Oct as both the US and Chinese economies slow and the global inventory supercycle comes off. There are risks around the timing of it being a bit sooner or later.