Further to above, it’s interesting to note that IO stocks at mills (data courtesy of mysteel) are hovering ever so slightly above 4 year lows. Back on Nov 28, they hit a 3 yr low and then refreshed the 3 yr low on Dec 12 at 15.0mt (see below link)
Steel inventories are rapidly declining as per the below data as well. They are currently sitting more than 10% below at any other point over the last 6 months.
So IO at mills are a few tenths of a million tonnes above a 4 yr low and steel inventories sit at a 9 month low (from previous post).
Also SMM reporting tonight that EAF capacity utilisation rates are 20 percentage points lower than this time last year and now at lowest point since Feb. on the contrary, blast furnace capacity utilisation has hit a 4 week high at 78.5% (see below link).
And restocking period going into Chinese New Year isn’t too far away now......
Now for the tariff rollback
Cheers
https://www.mysteel.net/article/500...ll-iron-ore-stocks--usage-both-dip-again.html
https://www.mysteel.net/article/501...ast-furnace-capacity-use-at-4-week-high-.html
IO stocks at mills: (mysteel)
15.1 - oct 31
15.3 - oct 17
15.9 - sep 12
14.9 - aug 29
15.6 - July 18
15.9 - jun 20
17 - jun 6
16.9 - May 23
16 - May 9
16.4 - apr 24
15.9 - apr 11
15.5 - mar 28
15.1 - mar 14
16.4 - feb 28
17.3 - feb 13
19.3 - jan 25
17.2 - Jan 9
16.1 - Dec 26
15.0 - Dec 12
15.9 - Nov 28 (at the time a 3 yr low)
Steel inventories (smm data):
11.2 - Nov 1
13.2 - Oct 11
12.5 - Oct 25
12.9 - Sep 20
13.9 - Sep 6
14.6 - Aug 23
14.5 - Aug 2
13.8 - July 19
13.0 - July 5
12.8 - June 14
12.5 - May 31
13.2 - May 17
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