Recently, a few steel companies reported their 2nd quarter results. Many of them still reported good results. This is because 2nd quarter is April - June 2021. April and May steel prices are still at record highs and steel price collapsed in June. However, those deliveries made in June are actually purchase orders coming in from May, when steel price was at a record high.

I understand that some "famous" uncles are trying to push the idea of buying certain steel stocks. According to my sources, they bought earlier and are desperately trying to unload because next quarter results would be disastrous. The main reason for this is the FMCO where they are only allowed to operate at 10% capacity - this is more or less shut down. Besides, the collapse in steel prices will start to hit them in the 3rd quarter.

There is also an article where he intentionally chose to show a chart showing only the increase in steel price and intentionally cropped out the part where the price collapsed. Here is the link where you can see the actual steel price movement:

https://tradingeconomics.com/commodity/steel