Coronavirus impact on bulks week ended 29th May Report

Insight 01 June 2020

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Report summary

Despite continued stimulus injections and reopening economies, bulk commodity demand is in danger of running out of steam. Positive signs in steel and power demand were overshadowed by lower Chinese coal imports. The lower buying interest caused a modest price bull-run to fizzle out. Fears of strict customs quotas from July are already testing prices again early this week. Iron ore needs little outside boosting as prices breached US$100/t, with Brazilian supply clouded by COVID-19 infections, and Chinese steel output riding high. Steel prices have likely found a floor.