Iron ore prices for July 10, 2020 (growth rates are weekly): Aaaand we’re off. In a classic seasonal pattern, steel mills have returned from Dragon Boat and gone long iron ore restocking. I still see us popping straight to $130. Higher is very possible if Brazil hiccups. There is plenty of room to restock: Steel

Iron ore prices for July 3, 2020: Still solid. Impressive given seasonal headwinds. Chinese data outside of empty apartments is still poor: Brazil virus spread is still poor: Still bullish for Q3 prices.

Iron ore prices for July 2, 2020: Chinese data still weak but empty apartments are growing: Brazil is still in trouble: Still see strong iron ore prices in Q3.

Iron ore prices for July 1, 2020: Chinese data is still weak: Except for: Brazil is still overrun: It’s still my view that Q3 looks strong for iron ore after the seasonal weak spot:

Iron ore prices for June 30, 2020. These prices are for two days: Everything down as Summer rains hit China and suppress demand. I still see the price higher in Q3 once this passes. The Chinese recovery remains weak: But Brazil is still overrun: So, no change from me.

Iron ore prices for June 26, 2020: Chinese markets were closed for Dragon Boat Festival. Data is quietly improving:   Brazil is loudly getting worse: UBS is still bullish: Consumer led recovery in H2 20e. COVID re-emergence the greatest risk If China’s emergence from COVID-19 lock down is anything to go by, then H2 20e

Iron ore prices for June 24, 2020: Spot was up. Paper too. Steel is stalled. CISA output for mid-June is mad: Steel inventories are rising again off an already huge base. But it doesn’t matter. Steel mills have been operating as policy firms all year. Market forces are suspended. Broader data is still soft: Brazil

Iron ore price for June 25, 2020: Chinese data is still grinding higher: Brazilian virus data is still terrible. The AFR has good chart illustrating ongoing supply risk: No change for me. Indeed, I’m quite impressed with the resilience of prices in this seasonal weak spot. Still looking for a run higher in Q3. Longer-term

Iron ore prices for June 22, 2020: Brazil had a better day but will likely get much worse yet: Chinese data remains crap outside of empty apartments: The following captures my view, from Platts: The iron ore supply shortage that has helped support high prices in recent months looks set to continue with Vale likely

Iron ore prices for June 19, 2020: Everything roughly stable on Friday. Port stocks edged up. One bearish signal has emerged, the BDI: Via Reuters: “Most of the strength is due to increased Chinese steel mill demand for iron ore coupled with the increased production and exports out of Brazil,” said Randy Giveans, vice-president, equity

Iron ore prices for June 18, 2020: Chinese data remains terrible outside of empty apartments: I still expect the Brazilian pandemic to get much worse: Here’s the latest Chinese steel inventory chart: 30mt in June is insane. It should be 10mt lower. That said, the glut has slightly diminished in seasonally adjusted terms and I

Iron ore prices for June 17, 2020: Chinese data is still bloody ordinary: So is Brazilian: So I take this with a  grain of salt: Iron ore miner Vale said that operations will gradually resume at its Itabira complex in Brazil. The complex was shuttered on June 5 due to the spreading COVID-19 virus. The

Iron ore prices for June 16, 2020: CISA steel output hit another record high in early June according to CISA: Despite Chinese data still crawling higher: Brazil is still getting worse: No change for me. I still see iron ore approaching last year’s highs at $130. In news, there’s more ore coming next year: Iron

Iron ore prices for June 12, 2020: Spot jumped and paper signalled more ahead. Steel is a little left behind. The latest Chinese data is still crap outside of empty apartments, which is all that matters: Brazil’s virus shocker is getting worse: The US-based Insitute for Health Metrics offers a glimpse of where it’s going:

Iron ore prices for June 11, 2020: China’s recovery still looks crap:   Outside of empty apartments and bridges to nowhere of course: And Brazil looks disastrous: The iron ore bull case is intact but will probably get sucked into the broader markets vortex in the short term.

Via Reuters: The office that enforces labor laws in Brazil’s Para state has stepped up an investigation into potential shortcomings in mining giant Vale’s efforts to protect workers from the coronavirus, authorities said on Wednesday. The federal labor prosecutor’s office in Para has an internal working group in place known as the GEAF to monitor

Iron ore prices for June 10, 2020: Some pullback across the board which always happens in June: Platts does not think it will get far this time: Rebar inventories have started to build in southern and eastern China as the rainy season slows construction activity, but steel prices are unlikely to fall sharply as the

Iron ore prices for June 9, 2020: Not much change in things. Chinese data is still crap, excepting empty apartments: Brazil’s virus data is on the weekend but is still rising week over week: Up remains the path of least resistance for iron ore, notwithstanding short term seasonal headwinds. Longer-term it’s the opposite, via Reuters:

Iron ore price for June 8, 2020: Chinese steel exports in May were awful at 4.4mt: Iron ore imports weren’t great either at 87.03mt but the rolling annual hit its highest in two years: The Chinese recovery looks completely stalled out: But all that matters is Brazil: At least, that was all that mattered: Brazil

Iron ore prices for June 5, 2020: Spot took off Friday. Paper as well. Port inventories of iron ore are still falling, down to 108mt. CISA steel output hit outrageous all-time highs above 2.09mt for the late May fortnight. The industrial base in China is stuffed, leveling off at 90% output. And that is being

Iron ore prices for June 5, 2020: Not much in news. Brazil is still awful: Chia is leveling off at 90% industrial recovery but realty is the main game: UBS offers a few charts that capture where we are: The steel mountain has not adjusted at all so mills could cut production at any time

Yep. Via UBS: Iron ore appears well-supported by current tightness The iron ore price (62% CFR China) has averaged US$89/t YTD with spot now over US$100/t and above our CY 20e forecast of US$86/t. We are comfortable with our forecast based on 1) a strong recovery in Vale iron ore production which will require a

Iron ore prices for June 5, 2020: We’ve stalled for now. Chinese indicators appear to have settled at around 90% capacity recovery in everything except building: Brazilian supply remains the key story. Virus to the moon: Iron ore shipments seriously struggling: Vale is going to have to warn again. And other problems: June is seasonally

Iron ore prices for June 2, 2020: AFR has a great story today: The Brazilian company at the centre of the iron ore price rally says its mines are running on minimum staff levels to prevent the spread of the coronavirus among its workforce, as its licence to operate comes under extreme pressure from Brazilian

Iron ore prices for June 1, 2020: Spot somehow fell despite runaway futures which then reversed overnight. The surge is driven by a combination of recovering Chinese demand as empty apartments blossom with infrastructure: The steel PMI launched back into the positive at 50.9 with new orders surging to 52.6: Leaving China short of the

Iron ore prices for May 29, 2020: Everything to the moon. The China PMI has construction registering above 60 again, boom-time levels. This is despite what remains a weak Chinese recovery: But, as usual, what growth in activity there is is focussed on, you guessed it, empty apartments and roads to nowhere. So all good