The ferrous complex was stalled on November 17, 2021 a spot and aper eased and steel firmed:
Not much in news today. The coking coal price joke is ebbing away:
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The crucial thermal coal price which has supported both coking coal and iron ore demand by removing 120mt of EAF steel output is still falling in China but lifted a little in Newcastle:
The price should keep falling and Chinese electricity output and metals processing resume over the next few months. As EAF returns, iron ore and coking coal demand will crash.
Scrap prices are also falling now:
One can’t be certain of the timing but the handoff to EAF should happen given environmental imperatives.