The ferrous complex is buckling.
Steel output cuts are so far insufficient to lift steel prices. Iron must fall much further if steel mill margins are to be restored.
Weekly data from consultancy firm Mysteel showed that fewer than 40% of the 247 surveyed steel mills were profitable, a level last seen in October 2024. Both blast furnace capacity utilization and average daily output declined slightly from the prior week, indicating a pullback in production.
