Iron Ore Supply Watch: Big Three Output and Simandou Overhang Cap Rallies

FACT: Rzzro's price feed shows SGX iron ore at $101.62 $/mt, +0.02% on the session. The 20-day range is $101.05-$105.13.

ESTIMATE: The supply/demand channel to watch is Big Three output against China steel demand. Simandou overhang can cap rallies even when short-term restocking improves.

RZZRO VIEW: buyers should not treat every port-stock draw as a durable bull signal. The durable signal is steel-margin improvement plus restocking confirmation.

The procurement signal is to cover in layers only if the price holds above support and China steel margins improve.