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.
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I don’t know that building empty apartments is going to work any more. “As China’s house prices have already begun to fall, and are expected to fall dramatically next year, “house slaves” will be left sitting on negative equity.”
https://www.asiatimesfinancial.com/chinese-homeowners-face-negative-equity-shock