Daily iron ore price update (CISA bears)

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.

David Llewellyn-Smith
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