Iron ore prices for October 26, 2020:
Spot down. Paper firmed overnight as broader markets tanked. Steel is softening.
Chinese port inventories jumped above 128mt last week:
This remains a bullish story given there is another 32mt to go. That said, the rate of climb is very sharp so mid-2021 will cover it off.
Empty apartment sales remain weak:
Steel mill profits are suffering:
Things are made worse by the the coking coal price which is rising domestically (though it has tanked to $105 seaborne) in the wake of Chinese blockades of Aussie coal. So I still see more downside ahead for iron ore before we enter the more bullish phase of restocking across new year.