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The ferrous complex was crushed on October 28, 2021 as spot fell, paper fell more and steel is a plunging anvil:
The entire ferrous complex is now in an outright crash. Steel has fallen literally off the cliff and blasted through critical price support like it was not there:
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In my view, steel prices are about to halve from the peaks and, if China does not stimulate in the next quarter, prices will keep on collapsing towards 2015-16 price range.
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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.