The ferrous complex was soft on July 14, 2021 as spot was flat, paper fell but steel did not update:
There are more bearish signals emerging at the front of the market. Grade spreads are widening:
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Which has led to big price falls in exporters with lower grades on offer. In India, which became the swing producer over the past year with a huge jump in export volumes to China, prices crashed in the last auction:
In part, this is weak domestic demand owing to COVID but the Chinese no longer want the ore, either. In fact, demand is so bad that auctions have been postponed.
The price correction has begun at the margins. It will steadily make its way to the centre.