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The ferrous complex was weak on June 9, 2022:
I noted yesterday that CISA output is at all-time highs:
And noted as well that housing starts are down 40% (and more) which once fully absorbed into steel output is 160mt less steel than last year, an enormous drop.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.