MacroBusiness Access Subscriber Only Content at 9:30 am on June 29, 2021 | 2 comments The ferrous complex was firm on June 28, 2021 as spot, paper and steel rallied play Chinese port stocks fell 124mt: There are 1634 words left in this subscriber-only article. Levels are lowish but not alarming. Readers will know my base case is that we will see a few more months of strong prices before we start to fall away in Sep/Oct as both the US and Chinese economies slow and the global inventory supercycle comes off. There are risks around the timing of it being a bit sooner or later. Macquarie may be seeing the leading edge of it: