SMM have got the 58% port side discount at 1% tonight, the lowest it’s ever been. Steel inventories are almost as low as they’ve been for 2 years. IO stock at ports about 10m lower than same time last year. IO imports in September the highest they’ve been since Nov last year and much higher than Sep 2021. Steel production in Sep was 17% higher than same time last year and highest since June.
IO weekly shipments were 20% down this week as advised by SMM on Monday.
The price may be struggling but there appears to be quite a few other variables that are net positive for IO
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