The ferrous complex was all over the place on November 3, 2021 as spot firmed, paper was whacked overnight and steel fell:
Thermal coal futures took off in a dead cat bounce yesterday that lifted the ferrous complex. Even so, Shanghai rebar is still falling:
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And seaborne coking coal is still running its own race in Singapore:
This day-to-day volatility is for the birds. Unless or until China stimulates property again, which I do not see happening for six months, the entire ferrous complex is going to keep on crashing.