The ferrous complex was soft on Dec 9, 2021 as all prices eased:
There’s no good news to report. Evergrande has gone bust with a queue of others behind it. Chinese credit is still weak. There is no material rebound in steel output coming over the next quarter, probably half year.
The only thing keeping catastrophe at bay remains coal and power prices, which remain far too high:
As we exit winter this price should crash and unleash the shuttered 120mt of steel recycling that is protecting 200mt of iron ore and 100mt of coking coal demand.