Iron ore price, page-31628

Min & Chris Ellison's robust expansion plans have been noted. But you can't just develop a mine over night. it takes years and years. I don't see this as a factor impacting price for many years if at all

my theory is that the deficit in supply is growing due to massive growing down stream demand for steel, HRC and rebar in particular.

Vale is not going to resolve it self for years. I pray for the the poor workers at Vale huddle together on a shitty bus exchanging variants of CV19 and then dying months later: this is a reality and it is scary and it is a humanitarian disaster.

Vale even at best can only add maybe an extra 60 - 70mt which would be meaningful- but that is at their best. Even without CV they are a corrupt disorganised machine that is significantly disaster prone. I doubt they will return to maximum output for at least 5 years.

But demand from China is growing at ~10-20% annually, and ExChina demand is growing at a much larger rate.

I read a great report by Morgan Stanley that showed me gross steel mill profits are growing at their fastest rates in years despite the price of IO and coking coal. They are playing catch up and have a much deeper appetite for more ore.

I expect to surpass $250 in the near future despite our ten steps forward five steps back of late.

good times in io

night comrades