The ferrous complex was firm on Friday, August 12, 2022:
The outlook remains poor. Last week’s MySteel indexes were weak again, cement remains glutted and excavator usage is falling:
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With property sales once again falling away as credit issuance stalls, larger downside scenarios for property have opened up. The last two weeks of sales have broken the slow uptrend of the past few months. If we sustain the current level of year-on-year falls for the remainder of H2 then bulk commodity demand has another big leg down in front of it:
