Iron ore prices for August 18, 2020:
Do not adjust your TV. Spot is approaching my $130 target and I may have been too bearish. Paper to the moon. Rebar too. I suspect coking coal is being destocked in a desperate bid to sustain steel mill profitability.
This still has a month or so to run before seasonality weighs. The key is low inventories in China which are restocking:
Advertisement