The ferrous complex was still enjoying its bear market rally on September 26, 2021 as spot firmed, paper went silly overnight but steel fell on the week:
There is no change in the outlook. I still expect iron to keep falling to $60 soon. Indeed, the risk grow to the downside of that price the longer that China holds out in its property developer develeraging campaign:
- housing construction to keep slowing;
- output cuts to jam that weakness swiftly into raw marterials supply chain;
- global supply still advancing.
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