The ferrous complex was weak on July 21, 2021 as spot pukes, paper puked harder but steel is firm:
This despite a turn high in Chinese port restocking to 127.3mt:
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So far this week, China’s attempts to breaks the nexus between capped steel output and higher iron ore prices may be working:
Benchmark iron ore futures in China fell nearly 4% on Wednesday on cooling demand as mills controlled their crude steel production, while arrivals of the steelmaking ingredient gained.
We shall see. My outlook is unchanged. A firm pricing regime until Sep/Oct then caput.
But you never know with iron ore. Whenever the weakness comes, it is usually extreme.