Here it is thanks to Macquarie:
The same chart could drawn for iron ore only worse. A modest gain in underlying demand but an huge surge in restocking and hoarding (apparent consumption).
The iron ore bubble in a chart.
The chart that fooled the iron ore world
David Llewellyn-Smith
Wednesday, 19 April 2017
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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.
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