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.
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.