Iron ore prices for May 30, 2018:
Tianjin benchmark eased up 74 cents to $64. Paper was up overnight. Steel is holding.
One wonders if our mid-year price weakness is already over. We did have an unusually large draw down in April owing to trade war fears which boosted mills margins. Coking coal is still very strong thanks to Australian supply issues. Perhaps price weakness has already been sufficient to keep steel mills from destocking into EOFY.
