Iron ore prices for April 21, 2020:
China’s weekly steel inventories are still falling at a good clip:
But output has risen in recent weeks so let’s see if it slows. Port stocks of iron ore have turned a little up again:
“Steel production cuts outside China are making it even more a single horse race than it already was,” according to a Morgan Stanley research note, which warned of rising risks that cargoes not required by smaller importers could be dumped on China’s shores.
“China is less in need of additional ore… the diversion of shipments would more likely translate into rising port inventories,” it added.
…* Nippon Steel Corp, Japan’s biggest steelmaker, said on Tuesday it will temporarily shut a third blast furnace in Japan in mid-May to cope with slumping demand from automakers and construction projects amid the coronavirus pandemic.
Yep. Prices should break down before long.