Iron ore prices for October 22, 2020:
Spot down. Paper down. Empty apartment sales have stabilised but that is not enough. They must grow or steel demand will shrink as catch-up growth rolls off:
CISA is bearish:
That’s only mill inventories. Trader inventories are also immense, combined for easily the highest ever seasonally-adjusted:
There should still be further price drawdowns before the new year restock.