Iron ore prices for May 22, 2020:
Spot down on Hong Kong tensions. Paper and steel too. CISA major mill output for early May was the highest ever. My guess is that’s because a lot of EAF production remains offline.
The reality is, end-user demand is still weak, via Capital Economics:
And there wasn’t of noteworthy new support in last week’s congresses either.
That said, I don’t expect HK tensions to impact iron ore much. More of a concern for prices is seasonal June weakness as southern rains stop construction.