Iron ore charts for April 19, 2016:
Whoa! Spot rocket with Tianjin benchmark up 3.2% to $61.80. Paper limit up overnight. Rebarnburner. The last is the key with Steelhome yesterday reporting that China’s steel stockpiles fell 6.8% in the past week, six weeks straight and the biggest fall in eighteen months. There’s follow through demand now and with stocks low the price will have to keep on rising until they’re replenished. There’s no reason for iron ore to follow given prices are now more than high enough to supply what’s needed but tell traders that!
In news, some are already speculating that it will run on through next year, from the SMH:
