Iron ore price, page-35012

make that "a return to 2020 levels"...ref CBA
...Policymakers are looking to cut China’s crude steel output in H2 2021 to reduce emissions. Plans though to keep China’s crude steel output in 2021 at the same level as 2020 will be challenging. After rising ~12%/yr in H1 2021, China’s crude steel output will need to fall ~12%/yr in H2 2021 to meet policy objectives. China Iron and Steel Association (CISA) estimates that daily crude steel output by China’s major steel companies fell by 13%/mth and 4.4%/yr in in July. The CISA data suggest that nation wide steel output cuts are seeing results. Policy remains a key risk to the decline in China’s crude steel output for the remainder of the year. Our primary concern is that the nation wide cut to steel output results in higher steel prices. That could see inflation concerns crop up again, like we saw in mid May, potentially seeing policymakers relax steel output cuts. A nation wide policy to cut steel output to reduce emissions may also irk China’s politburo...