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More bad news for iron ore here, via UBS:
BHP running in line with guidance
We estimate BHP’s share for the month at 23.7Mt or 53.8%. This represents a reasonable month for BHP with an annualised run rate of 279Mtpa (-4.5% sequentially, but up 9.9% y/y). Recall FY 17 guidance is 265-275Mt and to date BHP has shipped 245Mt; another month of 24Mt would put them at 269Mt, essentially in the middle of the guidance range.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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