Iron ore approaches terminal velocity

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The falls in Shanghai rebar futures eased on Friday but they are still perilously close to breaking the seven-year support line:

A nice chart here from ANZ on Chinese FE inventories:

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Oodles of steel and port stocks climbing at a rate that suggests 70mt of oversupply in the global seaborne market.

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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.