The ferrous complex crashed again on September 6, 2021 as spot fell off a cliff, paper has some catching up to do and steel did not update:
CISA steel output data for late August was smashed to a new low:
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Though at least inventories fell 10% so demand was better.
However, iron ore supply is also charging higher in Brazil with 34.8mt exported in August:
And year to date tracking materially higher than year:
There is no stopping the iron ore crash. The market is a glut and the price cannot stabilise until it falls to the highest cost marginal producer somewhere well below $100. Perhaps as low $60.
Unless or until China panics.
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