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at 9:00 am on August 5, 2021 | 1 comment
The ferrous complex was weak on August 4, 2021 as spot fell, paper slumped overnight and steel rebounded strongly:
This is all pretty good confirmation that the market agrees that it got it wrong that China is about to abandon its steel output cuts story. It’s not. CCP mouthpiece, The Global Times, clarified it in case you’re still wondering:
There are 1114 words left in this subscriber-only article.
…due to environmental and other policy goals, China has moved swiftly to curb steel production. In the latest move, the State Council, China’s Cabinet, has announced tariff hikes on certain steel products to cut exports, which came into effect on Sunday.