Daily iron ore price update (saved)

Iron ore prices for March 26, 2020:

We’re waiting out the shifts in supply and demand. Roughly 80mt of supply is offline as South Africa shuts, joining Vale’s closures.

But, Chinese iron ore output was running at 140mt before the virus. It’s a lot easier to shut a mine than it is a blast furnace so many captured mines will have shut and now be reopening.

Hard to say where the price goes near term but by mid-year it is only one way and it ain’t up.

David Llewellyn-Smith
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