Some sanity, anyway. The ferrous complex continued deflating on October 13, 2021 as spot fell and paper fell more overnight:
Chinese trade data was pretty ordinary for ferrous. Iron ore imports were 97.49mt. Decent but no cigar:
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Steel exports are falling away as expected at 4.9mt:
Westpac’s new outlook looks about right to me:
Iron ore lower than that as Chinese property shakes out but the energy crash looks roughly right. And it will keep on falling given the underlying glut and ongoing slowing global growth.