Texture from Reuters:
Concerns about iron ore demand slowing in China, which makes about half of the world’s steel output, due to its renewed efforts to curb pollution by restricting steel mills operations in some areas also weighed on prices.
Vale, the world’s top iron ore exporter and China’s major source of high-grade material, on Monday reported a 35.4%quarter-on-quarter jump in output to 86.7 million tonnes in the July-September period.
To the charts:
Spot up. Paper up. Steel weak. CISA early September output showed some hints of weakness but not conclusive.
I’m still targeting Q2, 2020 for the next leg down in prices.