Agreed. I think it’ll start to come together once all the updates start flowing through again tomorrow.
- IO stock levels at both mills and ports are extremely low. Restocking will have a considerable impact on the market dynamics
- Very poor shipping numbers in the past month especially from Brazil. This will be reflected in port stock levels most likely within the next month. Brazil export numbers in Sep were poor and in line with May and that was a month where Brucutu was mostly offline
- Steel output in China was well up YOY in September
- Steel inventory levels have been receding in the past month
- Vale deferring/(or out of their control) 25mtpa of production from CY2019 to 2020 from previous production estimates
It’s bound to be volatile come tomorrow
Iron ore price, page-16651
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