Iron ore holdings at China’s ports just posted the longest run of gains this year, expanding for five straight weeks to 105.4 million metric tons, according to Shanghai Steelhome Information Technology Co. The swelling pile signals robust supplies, and banks including Macquarie Group Ltd. warned this month that prices may be set to weaken after rallying 34 percent in 2016. ‘The rising port inventory is definitely a dark cloud looming over prices,’ said Zhao Chaoyue, an analyst at China Merchants Futures Co.
This post was published at David Stockmans Contra Corner By Jasmine Ng and Ranjeetha Pakiam via Bloomberg Business ‘ July 19, 2016.
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