Daily iron ore price update (June risk rises)

Iron ore prices for June 5, 2020:

Not much in news. Brazil is still awful:

Chia is leveling off at 90% industrial recovery but realty is the main game:

UBS offers a few charts that capture where we are:

The steel mountain has not adjusted at all so mills could cut production at any time if they liked. This presents a June risk if they want to clear the decks into EOFY.

Brazil is the risk to supply and China is shortish.

I’m still bullish beyond June.

Houses and Holes
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