Originally Posted by
Bear
Actually none of that adds up. The quote says " port stockpiles", their chart says "port inventory", but if you look at the inset in the chart it says "price", and the number there matches the top of the scale
That "price" inset is confusing. The value being graphed isn't price; it's total iron ore inventory at China's ports:
"Inventories at ports were 100.25 million metric tons last week, exceeding 100 million tons for the first time since July 2012, according to data from Shanghai Steelhome Information Technology Co. Reserves increased 16 percent in 2014. ... The increase in inventory levels creates near-term downside risk to iron ore prices."
China Ore Stockpiles Rise to Record on Financing Deals - Bloomberg
The spot price for iron ore has been weak lately, and producers have been forecasting further softening in the months ahead. I don't know what that means for ferrous
scrap prices.
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