https://www.macrobusiness.com.au/2014/05/a-brief-history-of-the-chinese-steel-sector/ https://www.worldsteel.org/steel-by-topic/statistics/top-producers.html Anything, but oversold.
Economies could be crashing like cards or hard deleverage at least and you want to go long steel? Go long USD/TRY instead or grab some forward Soy calender spreads for the upcoming food shortages. Short airlines or tech stocks or credit givers... So many opportunities right now.