A bullish start to the Year of the Ox: • Chinese BOF’s didn’t switch off for the New Year holiday – boosting output growth • India recorded its sixth consecutive month of production growth – up 7% year-on-year • In the US and the EU HRC prices have doubled from 2020 lows But will the bulls or the bears end up on top? • The US is on the cusp of a demand bonanza – but could video games de-rail the steel boom? • Chinese infrastructure is growing, cars are selling and manufactures are exporting. But any decline in residential construction will swiftly erase those gains • EU production has had issues and trade is disrupted – boosting prices. But demand is weak, purchases are being delayed and capacity has returned – all bearish for price Read this month’s short-term outlook for an assessment of these risks.