Steel prices are plunging, down a quarter since May at lows not seen since 2016. The chairman of the world's largest producer just said he expects it to get much worse in terms of prices and for industry. The implications are far broader than steel or China.
Eurodollar University's Money & Macro Analysis
Bloomberg World’s Biggest Steel Producer Warns of ‘Severe’ Industry Crisis
https://www.bloomberg.com/news/articles/2024-08-14/china-steel-industry-in-crisis-as-baowu-warns-of-severe-winter
Bloomberg ArcelorMittal Cries Foul on Steel Exports From China
https://www.bloomberg.com/news/articles/2024-08-01/arcelormittal-cries-foul-on-china-steel-exports-as-profit-falls
Bloomberg Iron Ore Takes Fresh Hit as Concerns Over Global Glut Exact Toll
https://www.bloomberg.com/news/articles/2024-08-12/iron-ore-in-retreat-as-concerns-over-global-surplus-take-toll
S&P Global China's steel output remains strong; downstream outlook still dim
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/071524-chinas-steel-output-remains-strong-downstream-outlook-still-dim
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Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.