Iron ore price

Iron ore prices for September 29, 2020: Spot got a pop from Vale’s issues with more overnight.

Iron ore prices for September 28, 2020: Spot up.

Let’s get a few things straight.

Via the Office of the Chief Economist:   In the June 2020 Resources and Energy Quarterly (REQ) we pointed out that “unlike downturns in previous decades, this downturn was not due to the bursting of excesses built up in the financial system…or in equity markets….

Iron ore prices for September 25, 2020: Spot firmed.

Iron ore prices for September 24, 2020: Spot up. Paper down. Empty apartment sales are still fine: World Steel released its latest: World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.2 million tonnes (Mt) in August 2020, a 0.6% increase compared to August 2019.

Iron ore prices for September 23, 2020: Spot down again with more to go.

Iron ore prices for September 22, 2020: Empty apartment sales have softened: China is struggling big time to lift the consumer as they save their butts off: Which leads only to the conclusion that MOAR empty apartments and MOAR bridges to nowhere are coming.

Iron ore prices for September 21, 2020: Empty apartment sales are still fine: Not much more to add today except to say that I expect materially more correction yet.

Iron ore prices for September 18, 2020: Everything up.

Iron ore prices for 17 September, 2020: Lot’s of media panic about the peak is in blah, blah, blah.

Via UNHCR today: Extractive industries 15.

Iron ore prices for September 16, 2020: Seasonal weakness is upon us.

Iron ore prices for Septemeber 15, 2020: Baseline is last week’s prices.

By Michael Every of Rabobank Today is like one of those rare occasions when the Broadway understudy for a leading role finds out that the star has the ‘flu (not Covid-19) and so they get to go in front of the audience for once.

Gottiboff has joined some dribble stains on his bib today: Australia must brace itself for the next round of the war of words and actions with China – an attack on the price of iron ore and the nation’s key revenue base.

Iron ore prices for September 9, 2020: Chinese empty apartment sales have softened: Brazil is beating the virus: Down into Q3 seasonals ahead.

At around one-third of total exports, iron ore is not quite Chile’s copper or Norways’s oil at roughly half their exports, but it’s mighty big: It gets close to half if you add coking coal, which is the same trade.

Via UBS: Will the restart of blast furnaces ex-China impact iron ore demand in 2H h/h?

Iron ore prices for September 8, 2020: Empty apartment sales are still OK: Plenty more useless building coming too: I still expect a significant near-term price correction on seasonals.

Iron ore prices for September 7, 2020: Spot still strong.

Via AFR comes an article titled China’s African iron ore adventure will be filler, not killer: China’s ambition to build an alternative iron ore industry in Africa will push down iron ore prices by a maximum of $US8 ($11) per tonne, hosing down suggestions it will be a “killer” for Australia’s biggest export industry.

Via SCMP: Iron ore miners‘ and steel producers’ increasing use of the Chinese yuan will increase its internationalisation, reduce China’s vulnerability to any possible US financial sanctions, and help the domestic economy in line with the new “dual circulation” strategy.