Iron ore prices for June 4, 2018:
Tianjin benchmark fell 85 cents to $63.85. Paper was up overnight. Steel flamed out. We’re running on the spot here.
Except for inventories. China’s port stocks climbed to an all-time high last week of 161.98mt. That tells you that despite rampaging steel output, it is still the hoarding speculators that are holding up input prices.