X → $49.00 by Feb 16, 2026.

**Summary** Before we knew Trump was getting elected we were looking at a reversion to the mean from the once in a lifetime bull market of 2021-2023. We also had China starting to dump insane amounts of steel globally. In 2024, China’s steel exports climbed to 110.72 million metric tons, reflecting a 22.7% rise from the prior year. Now we have across the board tariffs which include downstream products. These are a lot more bullish than the tariffs in 2018. …