Iron ore and steel defies COVID-19 macro gloom
So, the COVID-19 lockdowns around the world must surely have had a devastating impact on mining, including iron ore, and the steel industry? Well, Ingham Analytics has some surprising news for investors in BHP and Kumba. Nothing of the sort. Iron ore and steel demand is up, and so is pricing, whilst steel inventory is down. The driver? China. The decrease in oil prices too has had a positive effect. Why should this be so and how can you profit from firmer fundamentals than would be suggested by the negative headlines? In a punchy Trader, entitled “Iron ore and steel defies COVID-19 macro gloom”, there is interesting data and graphs, latest fair values on both stocks and suggested trading strategy.
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