China's non-manufacturing PMI in April was 54.8 (above 50 denotes expansion) which was a new 5 month high.
In that context it was interesting to see the latest news from the Pilbara, with Port Hedland iron exports crunching out another huge record result for the last last month despite talk of weather interruptions.
"Iron ore exports to China from Australia’s Port Hedland surged to a record in April as stockpiles in the biggest buyer reached an all-time high.
Total iron ore shipments from Port Hedland have leapt by 34% on a year ago.
For a little bit of context, on the same month in 2006, Port Hedland shipped only 8.7 million tonnes of iron ore and only 5.4 million tonnes of that to China.
Australia is rapidly transitioning from mining construction to mining production.
Watch out for the RBA's updated Chart Pack this week: it's going to show iron ore bulk commodity exports spiralling off the chart.