Daily iron ore price update (much ado about nothing)

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Iron ore prices for May 3, 2018:

Tianjin benchmark was up $1.45 to $66.80. Paper went higher overnight. Steel went nuts yesterday. Rebar inventories fell to 7.13mt last week and the steel PMI lifted modestly to 51.7.

All pretty normal seasonal stuff. Despite the excitement in the steel price, inventories remain high for May so I don’t think the rally will get far. Chinese speculators usually return from holiday’s drunk with excitement.

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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.