Iron ore price

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Daily iron ore price update (nonsense)

Iron ore charts for June 27, 2016: Tianjin benchmark jumped 3.5% to $53.20. Paper flamed out last night after yesterday’s surge, rebar average firmed. Reuters tries to explain the rally: Shanghai steel futures climbed 6 percent to a seven-week high on Monday, propped up by China’s efforts to consolidate the sector to improve efficiency amid global

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Dalian iron ore futures limit up!

Yes, it’s true. Limit up, not limit down. On a day when we see: Brexit; new lows for the Chinese yuan; new highs for the US dollar; new highs for Chinese port stocks; concerns in the China Securities Journal that growth is fading, and Premier Li sounding worried. Bad news is good news, I guess.

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ASX lifts because Australia IS different

Some days equities really are amusing. The AFR today explains why Australia is different: Tony Brennan, head of investment strategy at Citi suggests local stocks may be seen as fairly attractive. …”For Australia, the direct economic and earnings consequences of Brexit appear minor, and seem to leave Australian markets relatively attractive in a global context,” writes Mr Brennan in a note

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Bremain rally continues

Bremain continues to be priced with shares broadly up. BHP is 1.3%, RIO 1.8% and the FMG bubble is inflating nicely 5.7% despite Dalian retracing its overnight gains: Big gas is mostly firm too as fears ease with WPL 0.7%, OSH -0.3%, ORG -1.45% and STO 0.7%: Gold miners are rebounding though I suspect they’ve more

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Macquarie: China steel sector turns down sharply

From Macquarie:  Sentiment in the domestic steel industry remains on the negative side in June following the sharp turnaround in May, according to the latest findings of our proprietary survey of one hundred steel industry participants. Mills saw slower sales for both domestic and export markets, and a decline in profitability should lead to

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World steel output still falling

From the World Steel Association: World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 139 million tonnes (Mt) in May 2016, a -0.1% decrease compared to May 2015. China’s crude steel production for May 2016 was 70.5 Mt, an increase of 1.8% compared to May 2015. Elsewhere in

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BHP: No iron ore recovery for ten years

BHP via the AFR: BHP Billiton chief executive Andrew Mackenzie tipped the global oversupply of mining commodities to drag on for another decade, even as he said iron ore had settled at a more “realistic” price. In response to a question from a hedge fund manager in New York about world commodity markets, the head of

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If it digs, sell it. If it banks, buy it!

Big iron ore is getting hit today for no obvious reason. Perhaps it’s just unwinding some of the stupidity of its recent rally as BHP falls -0.8%, RIO -1.2% and FMG -3.3%: Dalian is up 1% but has lost traction with the spot price in the recent week. Big gas is also selling despite the oil rally,

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Poor old miners raise their hopes

From Newport Consulting new Mining Business Outlook: We consulted key industry leaders, including Gina Rinehart, to collate the most prevalent outlooks, challenges and opportunities facing the mining sector in 2016. This year’s report shows a shift in sentiment, suggesting an industry revival. The key headline findings include: Growth outlook is upbeat for the first time in years. For