Price rises in AUD terms much higher than pre-GFC (remember we were at parity or above with the USD then). Import prices are well ahead of domestic prices, they have moved so fast that domestic players BlueScope and Liberty/infrabuild have been cheaper for the whole year and still not there even with the significant price rises coming through to November. Iron ore is a Chinese domestic story, lack of Chinese steel in international markets (rumors of export taxes coming now as well) means steel prices will remain at what is considered elevated until more capacity comes on line. Look at the US market more capacity coming to which flat rolled product the main from what i understand but its 2023 before it really comes on stream, IMHO these current prices for steel remain for another 9-12 months at least regardless of where iron ore goes.
Price rises in AUD terms much higher than pre-GFC (remember we...
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