Fortescue derailment discussion, page-10

they appear to be 100% operational again now. While it was by no means ideal, it probably was not the worst time of a year to have a setback. Shipments generally are seasonally low during the March quarter. Operations would have still likely continued in other parts of the supply chain. (Processing, reserves built on site, some shipments from port). They should be able to make up some ground.

I don’t think it influenced the IO price that much, if anything. The 58% price is still around a 9-10% discount. The increase in IO price has been likely due to interest rates declining in China, increase in the PSL program of USD 50b and positive housing/infrastructure outlook. Despite January being restocking season, blast furnace production capacity has been up slightly for the last week (SMM).

“The People’s Bank of China injected nearly $50 billion worth of low-cost funds into policy-oriented banks last month, suggesting the central bank may be ramping up financing for housing and infrastructure projects to support the economy. The outstanding amount of the PBOC’s Pledged Supplemental Lending program to policy banks climbed to 3.25 trillion yuan ($456 billion) at the end of December from 2.9 trillion yuan in the previous month, the central bank said in a Tuesday statement. The net injection of 350 billion yuan was the largest increase via the tool since November 2022. “
https://www.forexfactory.com/news/1259790-china-injects-50-billion-into-policy-banks-in/amp