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The ferrous complex was pretty wild on October 28, 2022 as spot tumbled, paper fell more and steel crashed before finally catching a bid:
Coking coal was eviscerated again but, finally, put a bid in overnight:
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We may (or may not, these markets are crazy) be through the worst of the crash for now. But, amazingly, prices remain incredibly inflated and the outlook incredibly difficult so I see only more downside.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.