Iron ore prices rallied yesterday and more particularly steel prices. Paper followed overnight:
This appears to have been a delayed reaction to yesterday’s news of steel cuts in Tangshan which, as I noted, usually sends the ferrous complex higher. Any widening of steel mill margins is bullishh for iron ore. Good news is now good news!
World Steel is out with its news numbers for January:
This is an 11% gain on January 2019. If those kinds of numbers persist all year then I will be wrong about iron ore correcting across 2021.