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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