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The ferrous complex lifted slightly on March 25, 2020. Spot firmed with paper. Thought the latter pulled back overnight. Steel has not updated. CISA output for mid-March continued to pull back sharply though it remains insane. Perhaps on anti-pollution measures:
In news, Vale has a few problems:
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Two civic organizations have asked iron ore miner Vale SA to cease mining operations at its major Serra Norte complex in northern Brazil, according to documents seen by Reuters this week, as a major COVID-19 spike tests the capacity of the region’s hospitals.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
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.