Iron ore prices for Feb 1, 2021:

Spot and paper down. Steel has not updated. Port inventory rose last week to 126.2mt:
There are 941 words left in this subscriber-only article.
Start your free 14-day trial today!

Yesterday China steel PMI was poor. The headline number is OK at 43 with new year output pumping on the inventory build. But new orders have cratered:

This may be temporary based upon virus disruptions. Even so, it opens the distinct possibility that mills will destock their arses off when they return from Lunar NY, ten days hence.
The price is very high. There are still restocking, supply issues, geopolitical and weather supports.
But slowing Chinese demand is locked in for H2 and there is s good chance that iron ore is going to take a tumble before then, especially after CNY and in May:

Sell the rallies.
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.
- How will China deliver 2060 net zero emissions? - February 11, 2021
- More commodity super-cycle speculation - February 11, 2021
- Why Australia should buy Qatari gas - February 11, 2021
YOU MAY ALSO BE INTERESTED IN
More commodity super-cycle speculation
I am consistently surprised at how thin-sliced
What is green steel?
Global Mining Research has a nice primer on the
Daily iron ore price update (smashed profits)
Iron ore prices for February 10,
Daily iron ore price update (too early?)
Iron ore prices for February 9,