Daily iron ore price update (a Brazilian warning)

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.

David Llewellyn-Smith
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