China’s enormous pile of Aussie iron ore

Tuesday 11 April 2017

A few charts from Morgan Stanley:

That steel restock is very big and quite worrying for the outlook of rebar as we enter the H2 slowdown in construction. Mill iron ore inventories are still very comfortable as well.

Port stocks are fascinating by country:

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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.