Daily iron ore price update (squeeze)

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Here are the charts for April 23, 2015:

1 2 3 4

Spot climbed again with Tianjin benchmark up 1.7% to $53.80. The Dalian six month futures short squeeze continues unabated with overnight markets up another 2.5% to 414. However, the Singapore 12 month swap has already sobered up. Rebar is still melting.

We’re still chopping wood as steel mills restock before another price assault. The rollover will likely come sooner rather than later.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.