Iron ore prices for June 17, 2020:
Chinese data is still bloody ordinary:
So is Brazilian:
So I take this with a grain of salt:
Iron ore miner Vale said that operations will gradually resume at its Itabira complex in Brazil. The complex was shuttered on June 5 due to the spreading COVID-19 virus.
The Brazilian labour authorities have approved revised COVID-19 protocols for the complex. Production took a hit of less than 1 million tonnes and Vale’s 2020 output guidance of 310 – 330 million tonnes is unchanged.
With a clear lesson from South Africa:
Kumba is supposed to be pumping again but it sure isn’t. I fear the same thing is coming from Vale.
June is a weak spot as Chinese rains soften demand and EOFY clears the decks at mills. But nothing beyond that changes my mind that iron ore is still going higher as Brazil sinks into a virus disaster.