so now over $150!!, page-18

The other point about Conbank's dodgy "analysis" is that they argue the industry is in a restocking cycle. But the graphs they've generated clearly show that stock/inventory levels are low and trending down, which isn't typical of a restocking cycle (inventories tend to build up at each trading point during restocking).

Port IO inventories are low, IO inventories held with trading firms is low, IO inventories held at steel mills are low, Steel inventories held at mills is low, Steel inventories held with traders is low, Steel inventories held by construction companies is still low. So the question that needs answering is, what's happened to all the IO and steel?
And the answer lays in the steel production and export data.

The simple reality is that the "restocking" cycle hasn't even begun.

I remember ANZ making a similar call... and how wrong were they? We now know that no restocking took place and ANZ research wasn't worth a pig's turd. I do wonder what the basis of a global head of commodity research statement's were...

From sept 24:
"But the recovery has been unconvincing so far, with prices
facing resistance past $100, amid signs end-user demand for
steel remains weak despite a recent spike in steel prices.
The Chinese usually restock raw materials ahead of long
public holidays, including next week's National Day break. But many mills may have replenished enough at this point.
"Most of the restocking activity's already occurred, so
you'd probably see Chinese physical traders dipping out of the market," said Mark Pervan, global head of commodity research at ANZ."