Iron ore price, page-39572

Most welcome Markyboy49!

my best mate is a Markyboy.

ExChina is booming. I feel we are seeing a massive shift away from China to the rest of the world.

I wanted to post world steel analysis, as it shows massive increasing production outside of China more accurately.

Vale is also going to fail in meeting its production targets and are likely to make a 2nd adjustment down for CY21.
This is off the back of RIO already down grading it's production targets for FY21.

There is strong momentum and justification for the prices of IO to remain well above $100 imo for the rest of the year and beyond.

Once the Winter Olympics are over I suspect that China will need to remove the manacles placed on the Steel Mills if not sooner. Taken in isolation the issues around Evergrande and co aren't helped by this situation as it is helping maintain record steel prices. Logically Chinese steel production will need to ramp up to help this sector.

The CCP has done its bit to hold down production to be at par with last year, and will have its clear skies for the Olympics.

I think that with the real estate sector on shaky ground they won't have any alternative but to support this industry. The chaos and pain felt by ordinary Chinese citizens if they discover their houses, units, townies etc are worth much less will be too much to bear for the CCP.