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.