Here are the iron ore price charts for April 27, 2015:
Spot rallies on. Tianjin benchmark rose 3% to $58.70. Paper markets continue to forge ahead. Dalian is at 433 this morning up another 1%. Rebar is now getting sucked into the updraft. The two coals are off to the races as well.
I can’t see iron ore getting much past $60 but it looks like we’re going to try. Indeed, with the US dollar breaking down last night and QE stimulus being mulled in China the restock could run for a few weeks yet. Texture from Reuters:
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