Daily iron ore price update (pretty subdued)

The ferrous complex was strong on January 19, 2021 as China stimmies worked their Jedi magic:’

A pretty subdued response to new stimmies, all-in-all.

My view is unchanged. Chinese property is not fixed and a much larger downdraft in property steel demand is already embedded than anybody has in their numbers.

This is still the seasonally strong period to boot and recycling is resuming. Come Olympics and then March there are a lot of loose market hands now sitting now huge iron ore inventories.

Disappointment remains my base case unless or until Chinese authorities panic about property.

Houses and Holes
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