The ferrous complex is at new post-COVID lows today:
![](https://www.macrobusiness.com.au/wp-content/uploads/2022/10/Capture-35.jpg)
CISA mid-October data showed up a clear peak in output:
![](https://www.macrobusiness.com.au/wp-content/uploads/2022/10/wer-1.jpg)
Inventories fell so underlying demand is still OK. This is what happens when mills are losing money. They destock:
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The ferrous complex is at new post-COVID lows today:
CISA mid-October data showed up a clear peak in output:
Inventories fell so underlying demand is still OK. This is what happens when mills are losing money. They destock:
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