Daily irion ore price update (SGX dump)

Iron ore prices for August 22, 2020:

Most measures down. I’ve dropped SGX. It’s become little more than the Dalian dag. Port inventories lifted to new highs but they have 30mt to go. Steel mill must be hurting on margins, though it does not matter given their policy role now.

Empty apartment sales still booming in China:

 

Marginal improvements in Brazilian virus:

I still see another leg up before seasonal weakness though that could be derailed by global market weakness if it comes.

David Llewellyn-Smith
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