The iron ore complex sank on March 8, 2020 as a rising US dollar put a sizable dent in global reflation trades that include metals:
Chinese steel inventories are now peaking in their CNY rebuild. It looks like we will top out at the second-highest ever around 37mt:
Which is not necessarily immediately bearish. It will depend on downstream demand. So far, property sales have shrugged off tightening:
My view remains that Chinese demand will slow in H2 and iron ore prices fall as supply normalises.