The ferrous complex was soft on November 15, 2021 as spot eased, paper firmed overnight and steel has not updated:
The market continues to smoke crack. Chinese steel is an outright disaster:
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The pipeline ahead is even worse:
And there is only one thing standing between iron ore and catastrophe. That is the thermal coal price and power shortage that has shut down 60% of China EAF steel output:
But the thermal coal price is crashing at spectacular speed and power output will resume as it does:
When the Chinese EAF output also returns then 200mt of iron ore and 100mt of coking coal demand will evaporate.
If you’re buying FMG right now then you are smoking crack.