Daily iron ore price update (bearish)

Iron ore prices for September 30, 2020:

The whole complex launched on the Port Hedland virus scare. A big overreaction unless I’m missing something and the virus has already skipped the boat.

Underneath that, the broader signals are still weakening. The Chinese steel PMI was downright poor with new orders a particular concern:

With mill margins under pressure and inventories unprecedented for this time of year:

There is a major risk of a serious destocking episode after the Golden Week holiday.

Say bearish short term.

David Llewellyn-Smith
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