Daily iron ore price update (Vale’s virus)

Iron ore prices for July 31, 2020:

Vale released its results and claimed to be on track to meet its volume guidance. Via Bloomie:

“Following the reduction of uncertainties related to the pandemic, with risks of a second wave in China mitigated and the stabilization and decline in COVID-19 cases, especially in the northern states of Brazil, Vale assesses that the worst is likely behind us,” it said.

It’s not credible. Here’s the schedule for the return of 60mt:

Samarco is also supposed to return in December but that is subject to virus as well, which is not getting better:

Meanwhile, Chinese empty apartments boom on:

And more bridges to nowhere coming:

There is no end in sight to this new iron ore cycle.

David Llewellyn-Smith
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