Another small fall in 12 month swaps yesterday of .12 cents bringing the price down to $110.94. Chinese markets are still closed for Golden Week.
Port Hedland September iron ore shipments are out and the volume bonanza continues with a record month of 28.9 million tonnes shipped. That is up 46% on last September we were amid the great crash. The chart of the rise of the miracle commodity is verging on unbelievable:
As Chinese rebalancing has emerged as an issue, volumes have dramatically accelerated.
We can put this down to three things. The first is that rebalancing hasn’t happened. The second is that the Pilbara companies running their ore through Port Hedland, largely BHP and FMG, have radically increased output. Third, the suicidal exit from the market of Indian iron ore has been directly replaced by us!
Our famous good luck is still holding.
