In today’s briefing:
- Iron Ore Tracker (7-Oct-2024): Sentiment Swing With China Stimulus
Iron Ore Tracker (7-Oct-2024): Sentiment Swing With China Stimulus
- A slew of policies announced by the Chinese government led to a short squeeze in the iron ore market, with prices moving up 20% from the lows to 108 USD/ton.
- Mill margins inflected into positive territory, and iron ore, after gapping below its band of 95-130 USD/ton for the last 3.5 years, is now back in its normalized range.
- While the current move was unexpected, we expect the euphoria to last a while as more clarity on the stimulus emerges and ore prices tick up short-term.
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