Entirely possible. Below are the quarterly 44% prices appearing in OMH's updates. If we are seeing a run-up in price as happened during 2016 and then 2017 (and I'm not sure yet if we are), prices may not stop in the mid $6's. One theory I've got (but little hard evidence for it) is that during the world's lock-down's desk-based building planning activity will have continued. What didn't always continue is the physical building work. That means there is a huge number of projects world-wide that now have well advanced plans but either haven't yet consumed physical resources like concrete, steel (and the manganese in steel) etc or are only starting to. If a lot of these projects hit together, it would cause a shortage of steel and other building items. We are certainly seeing that in NZ across multiple building products. I've also included trading economics price of Steel. To get that pricing (ie higher than anything across 2013 to 2020 there's got to be a lot of demand.
Even one of our resident down-rampers is reconsidering because at these higher prices, E25 should be making really good dollars, costs are slighly above expected levels.
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