Iron ore prices for June 11, 2019:
Spot and paper mad. Steel followed. Port Hedland shipments rebounded in May but they are clearly also down a little on where they should be.
The proximate cause for the price spike was falling Chinese port stock, China cutting petrol prices and the global rally but, in reality, this market is simply primed to blow until Brucutu returns. If China’s post-Summer construction demand bounces before it happens then $120 is a real possibility.