Daily iron ore price update (iron will)

The ferrous complex was soft on April 21, 2022:

News is driven by the big three miners:

BHP, the world’s largest listed miner, fell short of estimates for iron ore production for the March quarter, as a pandemic-related labour crunch weighed on its efforts to boost production in Australia’s Pilbara region.

The miner also warned June-quarter production was expected to be impacted by lingering worker absenteeism, though it remained on track to meet fiscal 2022 costs and volume forecast.

That adds to supply concerns highlighted by the world’s biggest iron ore producer Rio Tinto’s RIO.AX, RIO.L lower-than-expected first-quarter shipments report, and Brazilian miner Vale SA’s VALE3.SA 6% drop in first-quarter iron ore output.

Yawn. This is old news. None of the three cut their output forecasts. In other words, they’ll have to ramp higher volumes aggressively in coming months which is price bearish not bullish.

So are large steel output cuts for H2 in China.

But nothing is registering for now as the market hoards ferrous products owing to inflation.

When senitment breaks it will be spectacular.

Houses and Holes
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