Iron ore prices for November 11, 2020:
Empties are back bigly:
The PBOC has started talking stimulus withdrawal, at Bloomie:
China’s central bank once again raised the topic of exiting its monetary easing policies, in sharp contrast to the U.S. and Europe, where a resurgence in virus cases has forced governments there to consider more stimulus.
Policy makers globally are discussing the timing of stimulus withdrawal, and the consensus is that it should be done sooner rather than later, Liu Guoqiang, vice governor of the People’s Bank of China, said Friday. “Exit is a matter of time and it is also necessary,” he said. “But the timing and method of exit need to be carefully evaluated, mainly based on the status of economic recovery.”
He added that the “international economy is recovering in general, and China’s overall situation is better than the international economy.”
No change for me. Ongoing firm pricing through new year and Q1 on more Chinese restocking. Then trouble.