I think the IOP will be shaky for a next few months unfortunately.
I think we will see the Chinese Covid lockdowns ease after the CCP 20th Congress in October and Xi Jinping is re-elected. This will be one of his key sells - that China has remained relatively Covid free unlike the rest of the world. After that restrictions will ease and the IOP will go up again.
No one can really predict the IOP but that’s my guess.
The Ukrainie Conflict ending may help us and market more broadly. But again who knows how long that will drag out!
Iron ore price, page-46072
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