The ferrous complex was firm on March 18, 2021 with iron ore up a touch, paper more and steel holding gains:
There’s not a lot of news but a few more indicators that we are somewhere near the top of this market. When your neighbour starts digging up the yard to ship it to China then you know more global supply is coming. In Tasmania:
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Buoyant iron ore prices have paved the way for mining in Australia’s southern Tasmanian state, where developer Venture Resources’ project has come under pressure from conservationists over potential impact on a wilderness area.
…Venture Minerals expects its Riley project to create more than 100 jobs, and inject about A$100 million into the state’s economy over the mine’s life. Share of the base metal explorer are up by more than 50% since early December to A$0.058.
The company is on track to deliver its first shipment from the Riley project in the state’s west in the second quarter, having raised A$10 million ($7.8 million) to build a processing plant and haul road, according to a Venture Minerals’ presentation lodged with the Australia Stock Exchange on Thursday.
And in Peru:
Strike Resources (SRK) has mined 20,000 tonnes of high-grade direct shipping ore from its wholly owned Apurimac Iron Ore Project in Peru.
According to SRK, Apurimac is recognised as one of the highest-grade, large-scale magnetite preheats in the world with the potential to support the establishment of a significant iron ore operation.
If you say so. Scraping dirt off the ground and sticking it on barges to China looks a lot more like the top than the bottom to me.
Add the incipient DXY rally, the approaching May seasonal smash, Vale rev-up, China slowdown and I give these kinds of operations a year or two at best.