The ferrous complex was annihilated on July 14, 2022:
The steel crash is leading us lower. Here is September Shanghai rebar:
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The Chinese property crash is intensifying as it sweeps toward banks. Steel demand is directly in its path.
As the broader commodity mania implodes under Fed pressure, the bulk commodities are freed to fall from the financial bid.
It looks to me like steel rebar is going to break the March 2020 lows and from there it is anybody’s guess how low it goes.
Iron ore and coking coal likewise.