Daily iron ore price update (FMG trouble)

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Iron ore price update for May 22, 2017:

Tianjin spot added $1 to $62.70. Paper flamed out overnight. Steel is off the hook at new highs and rebar margins are the highest in history. Obviously this can’t last. Mills will produce like mad until they fall. Tough to see iron ore resuming its fall until that happens.

Still, iron ore is clearly in strong surplus, via MB:

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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.