Iron ore price

1

Big iron retraces

BHP is down 2.5% today as oil gives it whack. RIO is also down hard 1.5% and FMG is flat. To the indexes:   The idiocy spreads are flat again: Juniors too:         Dalian is off 3 points from this morning as we again pivot around the $60 point of control.

2

Citi destroys long run iron ore forecasts

More today from Ivan Szpakowski of Citi, my new favourite analyst at Bloomie: “The next decade is shaping up to be a complete reversal of the past decade…Perhaps the greatest structural challenge facing the iron ore market is the rolling over of Chinese iron ore demand, driven by declining domestic steel demand and rising scrap availability…As

15

Why a Chinese Fortescue is against the national interest

A little PR faux pas with the AFR running a headline story on Fortescue’s own Singapore sling: Fortescue Metals Group established a company Singapore that could buy and sell its iron ore more than a year before it started attacking its rivals for doing the same thing. The company, called Fortescue International Marketing, is incorporated and domiciled in Singapore. Still dormant, it

3

Daily iron ore price update (pricing power)

Here are the iron ore charts for April 27, 2015:    Spot still strong with Tianjin benchmark up $1 to $62.10. Paper less so with Singapore dancing on the spot and Dalian flat overnight at 435 after yesterday’s bounce. Rebar average is still soft. I don’t think we’re going to break higher. $60 looks a

2

Big iron soars on China scuttlebutt

Big iron is off to the races today with BHP and RIO both up over 1% and FMG up 9% having been as high as 14%. Rumours of Chinese stimulus and investment in FMG, as well as a rebounding spot price are today’s bullish drivers. To the indexes: The idiocy spreads have stalled: The juniors are

11

Hockey taking “close look” at FMG and China

From Industry Minister Ian Macfarlane on China, Fortescue and FIRB: Mr Macfarlane said conflicts of interest in any transaction would be dealt with by the Foreign Investment Review Board, and he expected Treasurer Joe Hockey will be taking “a close look” at any deal. Any deal between China inc and FMG is a massive conflict of interest. Block it.

7

Daily iron ore price update (rocket!)

Here are the iron ore charts for May 25, 2015: Spot took off again with Tianjin benchmark up 2% to $61.10. Paper is playing catch up although Singapore is still muted. Dalian was up yesterday but poured it on overnight and is trading at 435 this morning. Rebar average continues its plod to Hell telling

100

Hockey must block any Fortescue, China deal

The iron ore end game is upon us. The AFR is reporting that China inc is preparing to move on Fortescue Metals Group: Chinese-linked companies have applied to the Foreign Investment Review Board seeking permission for an investment involving Fortescue Metals Group. Australia’s third-largest iron ore producer has held discussions with China’s largest steel producer,

2

Yellen gives big iron a shove

It’s a good day for big iron with heavy buying in BHP and RIO both up well over 1% and FMG up 4%. There are a bunch of reasons, paramount being the suddenly falling Australian dollar on Janet Yellen hawkishness, but there is also the strangely large jump in the overnight spot price and firm

5

Confessions of a Chinese steel mill

Some snapshots of interviews conducted by Morgan Stanley in China recently: Procurement manager of a larger steel mill Demand Seasonality will remain a big issue in the steel market. This year, June-July will be a tough period for the industry. There is the risk of a reduction in financing with banks pulling loans from smaller mills

7

Mining juniors go to pot

From the FT: A downturn in the resources industry has prompted a growing number of struggling Australian miners to switch their focus to the booming medicinal marijuana market in an effort to stimulate investor interest. At least three resources companies are aiming to raise money on the Australian Securities Exchange in the coming weeks, swapping

11

China prepares to wreck iron ore market

From the AFR: Veteran political commentator Laurie Oakes, writing in News Corp tabloids at the weekend, said that “several” applications had recently been lodged with the Foreign Investment Review Board that would affect mining companies. The applications “raise the possibility of significant upheaval in the iron ore industry and ownership of sections of it over

5

Adani coal quango sets deadline

From Matthew Stevens, where there is coal there is life apparently: Australia’s Indian coal adventurer, Adani Group, has inked a September start date to begin off-site work on its controversial $US16 billion Carmichael coal mine project. …There are two core reasons for this determination to seize the moment. First, Adani’s four-year quest to get on

5

Daily iron ore price update (boing)

Here are the iron ore charts for May 23, 2015: Qingdao spot took off without warning or paper support. Paper is still treading water. Dalian added one point Friday night to be at 421 this morning. Rebar average continues its slow bleed out. The restock rolls on. In steel, CISA mills’ average daily crude steel

0

Big iron struggles to see the light

The big miners took off this morning at the open but have been selling all day and are now flat with FMG down 1.5%. There’s not much reason for anything else. To the indexes: Idiocy spreads are still closing:     Juniors are falling too with BCI now down 25% since it perched itself in

34

Westpac bulks up for 40 year dirt boom

From Reuters: A recent entrant in Asia’s commodities markets, Australia’s Westpac Banking Corp is ramping up to take advantage of a commodities “supercycle” that it says has at least another 30 years to run. While some global banks have exited commodities due to more stringent regulations, Westpac is setting itself to support a deeper push

12

Lessons from a dead Twiggy inquiry

It’s over. There’s no kicking anything into the long grass even. Treasurer Joe Hockey last night released a two-line statement saying the iron ore inquiry would not be going ahead: “Over recent days, there has been some speculation about whether a parliamentary inquiry into the iron ore sector was necessary,” the statement read. “After discussing the issue

9

Daily iron ore price update (2012)

Here are the iron ore prices for May 21, 2015:    Qingdao spot rebounded but Tianjin benchmark fell 20 cents to $57.60. Paper too. Dalian added another 1.5 points overnight. Rebar average kept falling and I’ve added an extra chart for perspective. It’s not promising for the future of iron ore. Reuters has texture: Some investors

0

Big iron rebounds as futures take off

The dead cat is purring today for big iron with BHP and RIO recovering some of yesterday’s losses and FMG up 2% as well. To the indexes: The idiocy spreads are still closing:   Juniors are still dying with BCI fading 5%, though my favourite pick ARI got some more debt off today: Dalian is