Texture from Reuters:
“As (China’s) winter production control is less severe than last year and steel demand remains solid due to government’s support policies, we expect the steel prices to rise further, underpinning further recovery in iron ore and coking coal prices,” said Helen Lau, metals and mining analyst at Argonaut Securities.
Meh. This is typical for time of year. To the charts:
Spot down. Paper up. Steel was roughly stable. Port socks have fllen for three weeks to 129.4mt. Mills are not restocking aggressively which say that their outlook is OK only.
Meanwhile, Brazil had major hiccup in its volume recovery in November, shipping just 27.25mt:
The cause was port maintence by Vale. It ought to rebound this month.
No change for. Firm pricing until Q2 next year.