Iron ore prices for May 18, 2020:
Whoho! And we’re off. Spot to the moon. Paper…moon. I would like to see rebar break its downtrend too but the huge inventory overhang explains that. Port inventories are cratering.
Add Brazil sinking into virus disaster and China reverting to form with building stimulus – which will get stronger in trade war and the weaker its broader recovery – and you have the perfect conditions for a new iron ore boom.
Sky is the limit now.