Iron ore prices for February 14, 2019:
We may be setting some kind of trading range in the $80s here but we’ll have to wait and see. I still expect mills to destock violently the moment they feel secure about Vale supplies.
The signs in yesterday’s Chinese trade data confirm as much. Iron ore imports were very weak in January, down 9% year on year with the rolling annual falling at the fastest in history:
Rising steel exports also confirm weak domestic demand:
If not for Vale I reckon iron ore prices would be crashing which means that if the dust around supply clears a retracement may happen quicker than many think.