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.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
- Australian dollar hammered to new lows - March 8, 2021
- Nordea: Vaccines ripping, reopening boom imminent - March 5, 2021
- What do consumers buy post-vaccination? Travel - March 5, 2021
YOU MAY ALSO BE INTERESTED IN
Daily iron ore price update (not much)
Iron ore prices fell on March 4, 2021 as the
Australia's trade surplus soars to new high
The commodity boom continues to rain riches down
Daily iron ore price update (steel rip)
Iron ore prices firmed overnight as the ferrous
Daily iron ore price update (virus risk)
Iron ore prices for February 2, 2021 saw Tianjin
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