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at 9:30 am on June 29, 2021 | 2 comments
The ferrous complex was firm on June 28, 2021 as spot, paper and steel rallied play Chinese port stocks fell 124mt:
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Levels are lowish but not alarming.
Readers will know my base case is that we will see a few more months of strong prices before we start to fall away in Sep/Oct as both the US and Chinese economies slow and the global inventory supercycle comes off. There are risks around the timing of it being a bit sooner or later.
Macquarie may be seeing the leading edge of it:
Iron ore production in Odisha has dropped by over 31 million tonnes from 142 million tonnes in 2019-20 to 111 million tonnes in the 2020-21 financial year, according to official data.