Daily iron ore price update (a crawl)

Textur from Reuters:

“Steel margins remain on the upward trend and as it stands we are back to early May levels,” said Hui Heng Tan, research analyst at commodity broker Marex Spectron.

Margins have improved in the wake of declines in prices of feedstocks such as iron ore and coke. Spot prices of benchmark 62% iron ore slumped below $80 a tonne last week, their lowest in more than nine months, amid tepid demand and easing concerns over supply.

Maybe. Or it’s all just stimulus hope. The charts:

Still difficult to call short term. Look to Q2, 2020 for a more reliable next downleg.

David Llewellyn-Smith
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