Daily iron ore price update (Q2, 2020)

Texture from Reuters:

“The combination of weak demand and relatively high supply is weighing on steel prices,” said Richard Lu, senior analyst at metals consultancy CRU in Beijing.

Reports that China’s top steelmaking city of Tangshan has issued new anti-pollution restrictions on mill operations, effective from Oct. 10 up to Oct. 31, did not help to stem the decline in steel futures prices.

To the charts:

 

Still no clear direction short term. Down into Q2 2020 is still the best bet.

David Llewellyn-Smith
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