Post by
TheBridge on Mar 06, 2023 11:37pm
Positive Signs
A little more encouraging news from Clyde Russell, Reuters, today. The article in today's Globe and Mail, "China's Low Growth Target Takes Some Wind From Commodities Sail." Last 2 lines from the paragraph on iron ore. The Refinitiv estimate for the first 2 months of this year is an acceleration from the official customs numbers of 90.86 milliion tons of iron imports in December. This indicates that steel mills have been buying more iron ore in expectation of higher demand as the construction season gets into full swing as winter comes to an end. Likely the reason that the shares price has seen some support in the last month, not edging closer to the $40 mark.