Daily iron ore price update (here come the bears)

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Reuters has the texture:

Chinese iron ore futures fell nearly 5% on Wednesday after miner Vale SA won approval to resume some processing operations, while Shanghai rebar steel extended losses into a sixth session.

The Brazilian miner said the move at the Vargem Grande complex should add 5 million tonnes to annual production, and reaffirmed its 2019 guidance for iron ore and pellets sales, easing concerns over supplies of the steel making ingredient.

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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.