Demand is coming, Construction Steel inventory down 7 weeks in a row, IO port inventory down 0.81MT last week. Expect IO inventory start to decrease from now on.
Sooner or later Steel Mills will need to restock. IO inventory available for Steel mills went from 32 month high of 35 days down in February to 24 days currently, the pressure is definitely building. Probably won‘t see IO above $80 anytime soon, but stablise around US$75 will be good enough for FMG really.
DYOR.
Frank.
Iron ore price, page-512
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