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Iron ore charts for April 29, 2016:
The Tianjin benchmark iron ore price jumped to $65.20 Friday tracking mad Dalian which was limit up all day. It added three points overnight perhaps capped by the renewed drive by regulators to pop the bubble. Rebar was firm again. Port stocks are headed through the roof, up another 1.5 million tonnes last week.
In other new data CISA released mid-April large steel mill output data and it was virtually unchanged from early in the month at 1.69 million tonnes (mt):
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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.