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The ferrous complex launched on November 6, 2022:
That’s two days of price changes. I find it amusing that a price rout that was triggered by collapsed steel mill profitability is being followed by price gains that are collapsing steel mill profitability!
The rally is hysterical. China is going to reopen sometime, and probably next year, but the pace will be slow and the economy is in no danger of rescuing anybody or anything.
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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.
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