Iron ore prices for August 4, 2020:
In news, Brazil shipped an improved 34mt in July:
If Brazil can put together a few months at those levels then it is going to hit the iron ore price.
Aussie miners are chucking out ore like madmen as well:
There is still the Brazilian virus to worry about:
But the proof is in the pudding and if Brazil can sustain last month’s gains over August then I’d be looking for a pretty nasty price bust going into the September/October Chinese destocking season.
For the first time in months there is price risk here.