We released early last week a gutsy and bearish Global Iron ore Fundamentals report. Feel free to request a copy at info@drybulkx.com.

Despite near all-time high export flows from both Australia and Brazil, prices for 62% FE Iron Ore CFR China have surged by $10, reaching $141 per ton since our last report in December of the previous year. This rally is attributed to a confluence of factors, including Chinese stimulus support, low stockpiles at Chinese ports, and steel mills maximizing output despite operating at near-negative margins to maintain high production quotas.

DBX is hereby reiterating a bearish bias on iron ore prices. Export flows are expected to sustain at remarkably high levels combined with our anticipation of weakening demand in the short term due to prevailing squeezed margins and curtailed production related to pollution, should weigh on prices.

This report provides unparalleled, real-time, and forward-looking insights into the iron ore fundamentals, encompassing:

1. Real-time Exports and Imports

2. Real-time International and Chinese Balances

3. Domestic mining output

4. Stockpiles

‍