Steel in pancaked an iron ore hoping.
Channel checks are showing that damage is creeping up the supply chain but it’s not disastrous. Goldman.
Feedback from producers as of mid-May suggests end-user orderbooks were flat MoM, softer than past seasonality. Infrastructure recovery paused, reflected in lack of funding for new project starts and weak cement shipment, coinciding with the sharp deceleration in local government special refinancing bond issuance.
