The ferrous complex was weak on July 16, 2022:

I see no reason for the price to stop falling. Steel inventories are still far too high:
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Plus:
- Chinese property is buggered for the remainder of 2022.
- Infrastructure is nowhere near enough to offset it.
- A global trade shock is building.
- The Fed is not going to turn until oil breaks.
- Major miners must catch up to volume targets in H2.
We’re headed to two figures on iron ore and, frankly, there is no reason why we are so far above the marginal cost producers around $60.
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.
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.
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