Iron ore price

Big iron is soaring today as its new crop of coconuts is ready for delivery on world markets.

Tianjin benchmark sank another 4.7% to $50.20.

Ah big iron.

A few charts today from Morgan Stanley add more texture to  the state of Chinese iron and steel inventories.

Iron ore prices for May 23, 2016: The Tianjin benchmark iron ore price has hit hard down $3.00, or 5.4%, to $52.70 a tonne.

Big iron ore is down sharply today but still not enough versus what is transpiring in China.

From World Steel: World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 135 million tonnes (Mt) in April 2016, a -0.5% decrease compared to April 2015.

Iron ore chart for May 20, 2016: Tianjin benchmark was unchanged at $55.70.

From Bloomie: Iron giant Vale SA said it’s taking a “reserved and conservative” stance on when its tie-up with Fortescue Metals Group Ltd.

Big iron is up today just because as BHP adds 1.2%, RIO 1.6% and FMG 0.7% with Dalian down another -1%:   There’s another goodly stretch ahead to new lows in the bear market for these firms but I guess it does no harm to pretend you’re investing in the mean time.

Iron ore charts for May 4, 2016: Qingdao spot was pole-axed but Tianjin benchmark only eased 0.4% to 55.70.

From The Mercury: Finance Minister Mathias Cormann concedes that nobody knows what the iron ore price will be in four years despite it being a crucial element of budget forecasting.

Iron ore charts for May 18, 2016:    Tianjin spot rose 0.4% to 55.90.

Iron ore charts for May 17, 2016: Spot rebounded strongly with Tianjin benchmark up 3.4% to $55.70.

From UBS: Back in China.

Iron ore charts for May 16, 2016: Tianjin benhcmark firmed 0.6% to $53.80.

Iron ore chart for May 13, 2016: Tianjin benchmark was hit hard -1.7% to $53.50.

The hopium persists today for big iron as Dalian opens and crashes suggesting another 5% drop in iron ore Monday if it holds.

Macquarie says so: Event  Iron-ore prices rose 78% from mid January to peak at over US$70/t.

From the AFR comes a torn Turnbott: “The President and I … discussed the very serious issue of the overproduction of steel globally, the steel glut.

Iron ore charts for May 12, 2016: Tianjin benchmark was hit 1.8% to $54.40 but there’s more in store today with Dalian futures almost limit down overnight.

Big iron is sucking on the hopium pipe again today up strongly as Dalian again opens down -1%.