The ferrous complex boomed on December 7, 2021 as everything roared on new stimmies. Paper flamed out overnight but this looks like a typically maniacal bear market rally so it could easily go further:
However, under the surface, the setup remains dire. China imported nearly 105mt of iron ore in November:
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But the rolling annual number is falling fast and, moreover, all that extra ore is piling up in a metal mountain: