Daily iron ore price update (headwinds mount)

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Iron ore prices for June 1, 2019:

Spot splat. Paper worse. Steel is still fine. Rebar inventories are almost exactly the same as last year, healthy. China steel PMI pulled back to 50 in May with new orders down sharply to 46.7.

It appears demand headwinds are mounting amid the trade war and that’s been enough to pop the price panic.

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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.