The ferrous complex was weak on December 2, 2021 as everything fell:
Brazil released its November export figures at 29.1mt, up solidly on last year
YTD is a good gain. Expect roughly the same next year:
In terms of power prices in China, thermal coal futures have fallen away again:
As have coking coal futures:
OMICRON has not done much for either despite reports of Mongolian border closures in China. Both still have far to fall and should take down iron ore and steel with them as 120mt of suspended steel recycling resumes in China.