The ferrous complex was mixed again on August 6, 2021 as spot firmed but paper was blasted overnight. Steel was firm:
The facts are now plain to see. Chinese demand is falling away as the demand stimulus “pig in the python” is pooped out. This stall is being transferred directly and swiftly to steel output via Chinese output regulations. And global iron ore supply is bouncing back in Brazil and the Pilbara.
CISA steel mill output in late July collapsed below 2020 output levels for the first time this year:
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