Iron ore prices for September 25, 2020:
Spot firmed. Paper too. Still waiting for steel to update. I’m still looking for a downside into $100 range ahead. There are plenty of softening signals:
But I still reckon that this correction is largely seasonal in nature. The CCP has no choice but to keep building while the global economy plods through its depression and that will necessitate more restocking of dirt into new year.
After that, iron ore is in all kinds of trouble.