The ferrous complex dead cat bounced on August 2, 2021 as markets misinterpreted Chinese stimulus and ran with hope over fact. Spot and paper firmed. But steel was demolished:
Reuters puts the cause on possible steel output cut reversals:
Chinese ferrous futures fell on Monday, with steel rebar and hot rolled coils both plunging some 6%, after Beijing updated its stance on carbon reduction work, raising worries of an adjustment in output cuts.