Iron ore prices for August 17, 2020:
Spot up. Paper up more. I expect we’ll tear along here for perhaps another month before we see some seasonal destocking:
If you’re trading the miners then this rally is the one to sell. I’d then look to buy the dip for the new year price spike.
Chinese empty apartments are still booming:
The Brazilian virus is still strong:
Though it has been stabilised at high levels so there is some risk of Vale getting more to market into H1, 2021.
For now, I remain bullish with a $130 target.