IMHO a structural shift has occurred to which the steel price cycle will not reflect the past boom-bust etc.
As per article today
https://www.news.com.au/finance/economy/australian-economy/chinas-steel-production-to-impact-australias-construction-industry/news-story/c8793b26fc98a23ad857525ccb886549
“If prices end up structurally higher because Chinese exports are limited, the recent cost increases will be here to stay,” he warned.
Ann: Preliminary unaudited FY21 underlying EBIT of approx $1.72Bn, page-37
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