Coronavirus impact on bulks - Fortnight ending 24th July
Globally, the number of Covid-19 cases doubled in the past six weeks topping 16 million cases. New single day records for cases continue to be broken over the last week. Brazil, Peru, Mexico, India and many US states continue to suffer as outbreak embers grow into flames. Countries in Asia, Europe, South America and the Middle East, previously thought to have infections under control, face their own renewed outbreaks. Under this context, Chinese steel market sentiment remains positive despite growing stockpiles. Steel raw materials sit under different market conditions. Iron ore continues to hold onto loft pricing heights while signs point to downward price pressure going forward. HCC spot pricing is in a delicate balancing act with lower monsoon driven demand and disruptions to premium PLV supply. Thermal coal demand in a state of weakness with supply appearing to respond. China's port restrictions hang heavy over coal markets.