More weakness for iron ore yesterday, led lowe by rebar prices:
![](https://api.macrobusiness.com.au/wp-content/uploads/2024/01/18-3.png)
The falls in steel prices are somewhat explained by the latest CISA data, which boomed into the new year, posting the second-highest total (arrow):
![](https://api.macrobusiness.com.au/wp-content/uploads/2024/01/17-4.png)
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However, inventories also boomed by 2.3mt (which is normal for the time of year) but is enough to weigh on prices.