Quick chart that tracks Port Hedland iron ore loaded exports, Chinese port inventories versus the spot price for 62% concentrate. In October Port Hedland shipped a record amount of ore with some 29.8m d/mt going to China. While that was down on the 31.7m d/mt shipped in September, it is still well above the 25.2m d/mt shipped a year earlier. Demand is clearly high, the statistics, along with the corresponding drawdown in Chinese Port inventories at present, reflect that. While we all know that supply has burgeoned of late, and will continue to do so next year, it’s interesting to see that the spot price has been at its most stable level since early 2011. While there may well be other factors at play, given robust demand amidst strong supply growth, it looks like the market may well be in equilibrium, at least temporarily.