Daily iron ore price update (new steel lows)

The ferrous complex was weak on December 8, 2021 as spot fell, paper fell more overnight and steel was shellacked:

CISA’s latest steel output number crashed to all new lows, falling below 2016 levels. It’s only a flesh wound:

However, there was reason for bulls to celebrate on thermal coal which lifted and therefore holds out the hope that the 120mt of steel recycling output that is offline stays that way:

The price is still very high. It has nothing to do with fundamentals. It is about gas and the war between Europe and Russia.

But, while it lasts, there is hope that the ferrous complex can hold off another crash.

Houses and Holes
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