From Morgan Stanley:
Supply discipline already evident: There are several indications to suggest Chinese domestic mines are shutting, namely recent price stabilization, trader commentary, and anecdotal evidence via our channel checks. Also notable is the first non-China output curtailment – North land Resources announced on June 30 that it will lower its expansion plans at its Swedish assets in response to weaker iron ore prices.
That’s one lousy year to date and the evidence of mine closures is not very strong. Dalian futures up a little today but rebar down. Miners are selling again anyway.
Source: www.macrobusiness.com.au
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