Daily iron ore price update (not very bullish)

Iron ore prices for August 31, 2020:

Prices are still strong but the China steel PMI is fading, down 47 headline and 45.6 new orders:

New exports orders are disastrous at 35. There were flood disruptions. But overall, we are back at levels I would normally associate with price deflation.

Property sales still look fine:

And Brazil is still sick though slowly improving:

I’m feeling like a sneaky sell into seasonal weakness is the play for the traders today.

David Llewellyn-Smith
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