Iron ore prices for May 31, 2018:
Tianjin benchmark lifted 30 cents to $64.30. Paper lifted overnight. Coking coal is off to the races again. Steel prices are firm. CISA output for major mills reached an astonishing 2mt per day in mid-May. Literally off my chart.
That this extraordinary output is transpiring in conjunction with falling steel inventories and solid prices can only mean one thing: demand is very healthy. Indeed booming. My best guess is that the tail end of the domestic stimulus has overlapped with the pick-up in exports for OBOR.
