The ferrous complex rallied further on April 16, 2021. Spot price firmed, paper continued to climb though is largely closing a gap to spot and steel was solid:
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Vale reports this week so that is one to look out for as it will update the market on its supply resumptions. In the meantime, the news is all about more supply.
Indian iron ore exports hit 6.6mt in March. This is far above the 2020 pace of 48mt of exports for the year.
Angola is cashing in too:
Ronly said the Cutato mine will have export about 3 million tonner per year once operating at full capacity, with 600,000-720,000 tonnes of Cutato lump expected to be shipped in 2021 and a target of around 1.5 million tonnes set for 2022.
Wherever you look, new and brownfields iron ore production is swinging into action, triggered by irresistible prices.
As Chinese demand begins to slow in H2 and more so in 2022 there will be too much ore once more!