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British Steel is in the hands of receivers (again). This once mighty producer can still be viewed as a canary in the coal mine, indicating when circumstances for everyone else are turning toxic. The perilous situation of the UK’s steel industry is in part about the state of the UK, but to what extent do its fortunes, and indeed the elastic fortunes of the Capesize market this year reflect the condition of the global economy and the steel industry that builds the world? Global steel production, according to the World Steel Association, fell by 2% quarter on quarter in the first three months of this year to 155.0 Mn Tonnes, after a fall of 1% in the last quarter of 2018. Production in Q3 of