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Inventories of copper and iron ore have moved in different directions. Chinese metal-for-credit schemes may be complicating the data. The expected copper supply growth in coming years appears significant, although prices have firmed since March, in part due to inventory trends.
Iron Ore Inventories
Seaborne iron ore prices continue to decline, reaching the lowest levels since 3Q 2012.
Chinese Construction Materials
Nominal China Rebar prices have hit a 5-year low, which is likely not a positive sign for construction activity.