Iron ore price

Iron ore price charts for August 29, 2016:    Tianjin spot fell 0.5% to $58.80.

First blood to Janet Yellen.

When it rains it pours, from Bloomberg: South Africa’s biggest mining companies are opposed to a government proposal that 1 percent of their annual revenue be spent on developing communities associated with their operations and have countered with suggestions that they instead pay out a share of profit.

From The Australian: Rio Tinto chief Jean-Sebastien Jacques says the West Australian Nationals’ plan to hike iron ore royalties is the biggest risk facing the miner, joining his BHP Billiton counterpart Andrew Mackenzie in slamming the proposed extra tariff that is aimed at just the two mining giants.

Iron ore price charts for August 26, 2016: Tianjin spot tumbled -3.3% to $59.10.

A couple of tid-bits from Macquarie today outline the stregnth under the coal rally.

From BNAmericas: Brazilian mining giant Vale believes current iron ore prices of around US$60/t are not sustainable for the remainder of the year and that prices are expected to fall because of weakening demand from its main consumer, China.

Yesterday the AFR praised Australia’s real estate Treasurer: Scott Morrison has done what his two immediate predecessors failed to do.

Iron ore charts for August 25, 2016: Tianjin spot fell 0.7% to $61.10.

From Macquarie: July’s global steel crude output data, as released by worldsteel yesterday, shows world ex-China output to have recovered to positive YoY territory for the first time in over 18 months.

Another round of Big Iron bust is upon us.

From The Guardian: Scott Morrison has criticised the proposal by the Nationals leader in Western Australia to put a tax of $5 per tonne on iron ore mined by BHP Billiton and Rio Tinto.

Iron ore charts for August 24, 2016:      Tianjin spot fell 0.2$ to $61.50.

From Platts: Things have changed in the land of the red dust.

Big Iron is blowing off.

From the ABC: The Nationals’ proposed tax increase on the two biggest iron ore miners would pose sovereign risk issues, WA’s State Development Minister says, as Labor continues to seek to drive a wedge between the two government alliance parties.

Iron ore charts for August 23, 2016: Spot strong with Tianjin benchmark up 0.8% to $61.60.

I recently asked why Lance Hockeridge hadn’t got the boot following his Aquila shocker:   Turns out that he has: Rail haulage group Aurizon is considering external candidates to replace chief executive Lance Hockridge, with the company’s board expected to decide on a successor next week.

Big Iron is hanging on despite decent losses last night in London, helped by Dalian as it firms another few points at the open after last night’s gains.

From Goldies: Solid result, costs to be sustained at sub-US$15/t The result posted by FMG’s management today is a solid one, which reflects the strong operational performance of FMG.

When Monadelphus took off it should have been a warning to investors that the mining rally had turned really stupid.

From Credit Suisse: ■ FY16 highlights: EBITDA of US$3.195bn vs CS at $3.245bn (cons. $2.98bn). Net profit at $985mn versus CS at $1.1bn. Dividend for FY16 at A$0.15 for the full year (final div of A$0.12), fully franked (payout ratio 36%). Net debt was US$5.2bn (known) excluding pre-payments.

The triumph of Fortescue is upon us.