The ferrous complex flamed out on August 1, 2022:
For damn good reason. Check out the latest Chinese steel PMI:
Judging from the steel industry PMI surveyed and released by the China Federation of Steel and Logistics Professional Committee, July 2022 is 33.0%, down 3.2 percentage points from the previous month, and the operation of the steel industry continues to be sluggish. Judging from the changes in sub-indexes, the characteristics of the market in the off-season appear, the market demand is operating at a low level, the production of steel mills has declined, and the prices of steel and raw materials have continued to decline. It is expected that in August, the market demand will pick up, and the production of steel mills will tend to resume, driving the prices of steel and raw materials to rebound slightly.
