Daily iron ore price update (Vale’s virus)

Friday 31 July 2020

Iron ore prices for July 31, 2020:

Vale released its results and claimed to be on track to meet its volume guidance. Via Bloomie:

“Following the reduction of uncertainties related to the pandemic, with risks of a second wave in China mitigated and the stabilization and decline in COVID-19 cases, especially in the northern states of Brazil, Vale assesses that the worst is likely behind us,” it said.

It’s not credible. Here’s the schedule for the return of 60mt:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.