The ferrous complex was still riding the hot money wave on January 22, 2022:

Some charts for ya. According to Mysteel, steel output is still very weak:

Demand has improved a bit:

Thermal coal consumption is roughly flat:

Inventories are still fine so power prices should keep falling boosting steel recycling:

I will add that the BDI has cratered driven largely by weak Capesize bulkers that carry coal and iron ore:

Throw in immense stockpiles plus passing seasonal tailwinds and there is nothing here to rationalise iron ore above $100.
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