Daily iron ore price update (inherent weakness)

The ferrous complex was weak on April 11, 2022:

Some charts from Morgan Stanley for ya:

A few points:

  • China’s LNY steel restock was weak suggesting very poor sentiment.
  • Mill ore inventories are OK and ports are piled high.
  • Imports are very soft in volume terms.
  • Cost curves are miles below.

Without Ukraine, prices would be well below $100. If that disruption is better than expected – as Ferrexpo suggested late last week, and the war moving east may also deliver – then that’s where we’re going soon.

Houses and Holes
Latest posts by Houses and Holes (see all)

Comments are hidden for Membership Subscribers only.