Inventory Picture
Iron ore prolonged a rebound with China’s huge inventories of the steelmaking staple persevering with to drop, a tentative signal {that a} interval of extreme oversupply is beginning to ease.
Stockpiles held at Chinese language ports have now fallen for the final 4 weeks, in response to knowledge launched late Friday, after ballooning to above 150 million tons in late July. The pullback has offered a glimmer of hope for bulls, though iron ore continues to be down nearly 30% this 12 months.