The ferrous complex remained stalled on July 28, 2021 with spot and paper stuck while steel is still strong:
In news, it’s all about RIO’s record first half report which beat consensus slightly. But, it is still bearish owing to two factors, First, new supply:
Mining has commenced at the $2.6 billion Gudai-Darri replacement iron ore mine in Western Australia, with more than nine million cubic metres of pre-stripping completed in June. Despite labour shortages, first ore in the crusher is expected in 2021, although commissioning is later than originally planned. The project is expected to ramp up in early 2022, consistent with previous guidance, and reach full capacity in 2023. The first phase of this new hub, which will be our most technologically advanced mine, connecting up with our autonomous rail network, will have a 43 Mt annual capacity, underpinning production of the Pilbara Blend™.
