Iron ore charts for July 18, 2016:
Tianjin benchmark was hit -2.8% to $56.20. Paper burned off another -3% overnight. Steel is fading. The bubble is bursting. I suspect we’ll head straight back to $50 now then hang around for a bit before we really begin to destock, from Reuters:
The strength appears set to continue in the current month, with Thomson Reuters Commodity Research and Forecasts estimating 91.86 million tonnes will arrive at Chinese ports in July, which would be the highest monthly total this year.