Iron ore prices for December 1, 2020:
How high are we going here? Supply should be flowing from Brazil yet here we are rising again to new highs.
Chinese steel and iron ore inventories have stopped rising as well so we are pushing out the timetable for the end of the restock.
It’s the norm for such strong pricing into new year and we are also getting a bit of a push along from the falling DXY now. Geopolitical tensions won’t hurt prices either.
I’d be surprised if we get too much higher but don’t be surprised if I’m surprised. When iron ore runs it runs hard and we are in clear air now.
$150 is possible.
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