Daily iron ore price update (All China all the time)

Iron ore prices for September 24, 2020:

Spot up. Paper down. Empty apartment sales are still fine:

World Steel released its latest:

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.2 million tonnes (Mt) in August 2020, a 0.6% increase compared to August 2019.

Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production update.

China produced 94.8 Mt of crude steel in August 2020, an increase of 8.4% compared to August 2019. India produced 8.5 Mt of crude steel in August 2020, down 4.4% on August 2019. Japan produced 6.4 Mt of crude steel in August 2020, down 20.6% on August 2019. South Korea’s steel production for August 2020 was 5.8 Mt, down by 1.8% on August 2020.

Production (Mt)Growth (% y-on-y)Crude steel productionWorldROWChinaWorld (%)ROW (%)China (%)Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20050100150200-48-2402448worldsteel.orgSep-19● China : 82.8 Mt

Germany produced 2.8 Mt of crude steel in August 2020, down 13.4% on August 2019. Italy produced 0.9 Mt of crude steel in August 2020, up 9.7% on August 2019. France produced 0.7 Mt of crude steel in August 2020, down 31.2% on August 2019. Spain’s steel production for August 2020 was 0.7 Mt, down by 32.5% on August 2020.

The United States produced 5.6 Mt of crude steel in August 2020, a decrease of 24.4% compared to August 2019.

Production in the C.I.S. is estimated to be 7.9 Mt in August 2020, down 6.2% on August 2019. Ukraine produced 1.8 Mt of crude steel in August 2020, down 5.7% on August 2019.

Brazil produced 2.7 Mt of crude steel in August 2020, up by 6.5% on August 2019.

Turkey’s crude steel production for August 2020 was 3.2 Mt, up by 22.9% on August 2019.

All China all of the time.

No change for me. More selling ahead. Restoking booming into new year. Peak of cycle mid-2021 and secular decline from there.

David Llewellyn-Smith
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