The ferrous complex was weak again on June 23, 2022:
Ferrous markets and the MSM are finally catching down to the reality that’s been obvious for months:
The answer to that seeming disconnect may be over-optimism in China’s steel industry, which ramped up production even as Covid-19 was hobbling the economy. Crude output of the metal was around 2.7 million tons a day in January and February, but then increased to 3.1 million tons a day in April and May, Gavekal Dragonomics said in a note on Monday.