by Chris Becker
Find below the most recent prices for iron ore – another red day with all markets off half a percent or so:
I’ll have some better charts up a bit later today in a technical note about Aussie iron ore miners.
But wait – good news everybody! On the back of record outflows from the Pilbara yesterday, there’s now even more exports on the way:
According to data released by India’s National Union of the Industry of Extraction of Iron and Base Metals (Sinferbase), the mining giant Vale’s iron ore exports totaled 21.95 million tonnes in April, increasing by 14.44% YoY.
In April, the company’s iron roe sold to domestic market totaled 1.34 million tonnes falling by 0.15% YoY.
In the January to April period, the company’s iron ore exports amounted to 88.64 million tonnes, rising by 10.01% YoY.
Vales share price took a little tumble down a percent or so, and this note from Citi didn’t help:
In a note to investors Citi said the iron ore supply surge is peaking in the second quarter, and supply levels should level off in the second half of the year. Iron ore prices are close to $94 a ton this week, though Citi said it can find price support at $90 a ton, with prices increased to $100 a ton in the fourth quarter.
I’d be a bit more concerned about that support level chaps.
More good news, unless you’re human:
Mining giant Rio Tinto has loaded 200 million tonne of iron ore with its fleet of 53 driverless trucks.
Rio, the world’s largest operator of autonomous trucks, said that the milestone was reached at Yandicoogina mine in the Pilbara last month.
Mr Andrew Harding, CEO of iron ore at Rio, said that the autonomous truck fleet delivered significant savings in maintenance, tyre life and fuel.
He said that “These new technologies bring value and productivity benefits through decreased variability, improved schedule efficiency and early identification of bottlenecks in the system.”
It comes 13 months after the GPS directed trucks completed the loading of 100 million tonne in April, 2013.