Iron ore prices for October 23, 2020:
Spot was down sharply. Paper too. CISA output was still extreme mid-October. Inventories remains stupid
My guess is we’re getting ready for a puke lower here. There’s plenty of supply again with much more to come. Chinese demand looks good on an output basis but beneath that leading indicators are not good once we remove catch-up growth:
$100 looks like a good short term puke target. Then a better bid into new year on restocking. Then $80 moving into Q2 2021 as restocking ends.