Iron ore prices in China surged beyond the 1,000 yuan/tonne level for the first time today. Here's some charts on why: (with @Magiclunatic_ )
One factor is a cyclone that may delay loadings at Australia's top export hub, Port Hedland:
Another is sharply falling stocks of steel products, which indicates steel producers are having trouble keeping up with demand
Manufacturers in China are using the steel to make record amounts of white goods and home appliances that are in high demand throughout the world
Producers are also scrambling to make more shipping containers, which are currently in tight global supply (see previous "Boxed out" tweet.
Here's a chart of how much it costs to send a 40-foot container from China to key markets around the world.
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