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Iron ore price charts for May 4, 2016:
Tianjin benchmark spot fell another 2.4% to $61. Paper has a long way further to fall if rebar is going to retrace. I would not be surprised to see the latter tumble 500 points in the few months.
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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.