Iron ore charts for April 13, 2016:
Spot up again with Tianjin benchmark 2.4% to $59.90 but much less than yesterday’s rise in paper which did not add to gains overnight. With iron ore at $60 again my guess is the latest surge will now peter out again.
Even so, rebar is still charging and, oddly, CISA fast production data for large steel mills over the last ten days of March fell -1.97% and is again below 2012 output even though mill margins are now very good. Obviously this is playing a role in the ongoing surge of steel prices.