The ferrous complex was to the moon again on January 18, 2022 as everything flew with Chinese stimmies:
I am still of the view that we will see steel demand fall further this year.
As well, China is flooded with iron ore inventory with oodles more to come this year from big miners. Not to mention, steel recycling will increasingly return as power costs fall amid the new coal glut:
Unless or until China goes all-in on a property rescue, and more infrastructure makes that less not more likely, the base case remains that this is still a bear market rally for iron ore.