Iron ore price

3

BHP, RIO, FMG tank on futures

Is the great iron ore miner bust finally upon us? It’s still too early in my view but the fundamentals and technicals are fast slipping away and you never know. BHP and RIO are both down 2% or so today and are near technical breakdown. FMG is down 5% and right on terminal support around

3

US shuts Gina bank

From the AFR: The US government bank that has injected almost $10 billion into Australian resources projects, including Gina Rinehart’s Roy Hill iron ore mine, is shutting down, leaving a potential funding hole for future mining development. US political conservatives have successfully waged an ideological war against the taxpayer-backed US Export-Import Bank, arguing it is

2

Capital Economics: Iron ore headed for $30s

From Bloomie comes Caroline Bain at Capital Economics: “There will be a sharp move down in the second half, when people realise that the apparent shortage that they’ve seen in the second quarter was temporary,” Bain said on Friday. “There will be a renewed bounce of investor sentiment turning against iron ore. It could certainly go down

2

Atlas shareholders back rescuicide

From Fairfax, Atlas punters are go: The key component of the three part raising, a placement to the miner’s contractors on which the other raising components were contingent, received overwhelming support, with over 96.9 per cent of votes in favour of the resolution. The company hopes to raise $50 million through a placement to new

4

China iron ore inventories still low

From Credit Suisse: We forecast $45/t in 4Q15 and the 2016 calendar year. We consider $45/t is an appropriate trough price on several lines of evidence: ■ The price fall to $47/t in 1Q15 closed a lot of marginal supply—statistics show the effect on supply was stronger than it appeared at the time. ■ We

7

Adani confirms work suspensions

From Fairfax: Adani said the work it has commissioned to subcontractors over the past year was done “in anticipation of finalising approvals and decisions”. “As a result of changes to a range of approvals over that time, it’s necessary to synchronise our budget, project timelines and spending to meet those changes,” Adani said in a

0

Daily iron ore price update (India returns)

Here are the iron ore charts for June 24, 2015: Qingdao rallied hard and Tianjin benchmark jumped 2% to $61.70. Singapore still doesn’t care. Dalian got as high as 445 yesterday and finished overnight at 440. Rebar average is pretty much headed to free. Texture from Platts: Iron ore prices will be under pressure if Chinese steel

15

Atlas races towards rescuicide

From The West Australian: Atlas Iron managing director David Flanagan says he believes shareholders will overwhelmingly approve the iron ore miner’s company-saving capital raising at tomorrow’s shareholder meeting. …Despite the 5c-a-share issue being significantly dilutive to Atlas’ 34,000 existing shareholders, Mr Flanagan said that shareholder proxy votes lodged so far were running strongly in favour

40

Adani halts work on Galilee coal monster

From The Guardian: Indian coal giant Adani has halted engineering work related to Australia’s largest proposed mine, say industry sources, raising speculation that the company is set to abandon the contentious project. Adani last week advised four major engineering contractors to stop work on projects around the Carmichael mine in Queensland including a joint venture