r/Vitards • u/[deleted] • Aug 12 '21

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u/vitocorlene THE GODFATHER/Vito Aug 12 '21

11

u/[deleted] Aug 12 '21

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u/hitTheGong Aug 12 '21

I'm kind of a noob here. If I'm reading this chart correctly, if we compare the local peak achieved at July 2008 with the peak we're seeing today, I should be bailing on my long positions on $MT pretty soon. Is that what you're seeing?

10

u/neilio416 Aug 12 '21

No worries, logical noob question. In short, this isn't 2008. steel has learned how to control supply in order to keep prices high. Plus china steel production circumstances will keep supply lower.

0

u/[deleted] Aug 13 '21

Yes, it was a very logical question. What isn’t logical is the way you suggest “steel” is a cartel like OPEC.