The ferrous complex was smashed on September 1, 2021 as spot cratered, paper held and steel tumbled:
News was all about more output cuts:
Production restrictions in various regions have continued to advance, and there are signs of increasing efforts. Due to the strengthening of dual control of energy consumption, the Guangxi region has imposed production restrictions on local steel companies, and some companies have reduced their output by 20%. In addition, the environmental protection inspection team has recently moved into Guangdong, Sichuan, Shandong and other provinces. Some companies have received notices to temporarily suspend or reduce production, which may affect the time for up to one month. In addition, production restrictions in the Northeast region have also been implemented. 9 steel mills said they have received relevant information The department notified that “this year’s crude steel output will not be higher than last year”, it is expected that the output of molten iron will hardly increase in the short term, the demand for iron ore entering the furnace will be curbed, and the market pessimism will again drive prices down.
