The ferrous complex was firm on December 3, 2021 as spot eased but paper and steel jumped:
The news of more stimulus coming did the trick. Yawn.
Steel output remains terrible but demand has firmed a little according to Mysteel:
Perhaps a little bit of infrastructure demand has filtered through. Or not.
Nothing has changed for me. This rally is purely technical and will end when it ends. The outlook is terrible. Stimulus is marginal. Inventories are high. 120mt of steel recycling is offline and will return as power prices fall, displacing 200mt of iron ore demand and 100mt of coking coal.
The setup does not get any worse.