Find the iron ore price table for July 5, 2013 below:
Port Hedland released its July shipping statistics yesterday and continued its stellar run of volumes at 26.6 million tonnes. This is down from 27.7 m/t in June and 27.7 in May but is up 36% year on year.
This kind of volume growth will no harm whatsoever to the net exports component of GDP. Also yesterday:
We don’t see the same environment that created last year’s drop,” Fortescue Chief Executive Nev Power said on the sidelines of the Diggers and Dealers mining conference.
“There were very high stocks in both the steel mills and the ports last year and this year we are seeing below average port and mill stocks,” he said.
…”I don’t see any conditions for a significant drop for a long period of time,” Power added, pointing to a strong demand outlook given average Chinese steel production rate of about 2 million tonnes a day.
I still expect a decent drop but for the time being China is clearly still struggling to implement curbs on steel production.
