IKN

drowsy syrups of the world

Chart of the day is…..

..iron ore production at Vale (RIO) per quarter since 2007.

This is a follow-up to this post dated January 24th that featured the same subject. At the time I wrote “Gawd help 1q09 and onwards” and as it turns out RIO is going to need all the help Gawd might offer. The 46.9MMT production figure for 1q09 sucked harder than the bilge pump on the Titanic and considering that Chinese iron ore demand has fallen off a cliff again (now the restocking is over) there’s no reason to think the rest of 2009 will be anything better.

Think this recession has bottomed out already? I laugh in your face.

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