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.