The ferrous complex was firm again on August 25, 2021 as spot and paper lifted. Steel has not updated:
CISA data for mid-August is out and gave us a decent rebound though still down year on year:
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This is to be expected emerging from seasonal weakness. However, I expect output volumes to remain materially below 2020 for the remainder of the year.
I am still targeting $100 for iron ore by December as the glut forces the price to the highest marginal cost producer, accelerated by steel output cuts.