NDRC moves to protect China from iron ore shortage

Via Reuters: The NDRC last year had ordered local governments to help broker deals between zombie firms and their creditors, and to draw up restructuring plans by June 2019. Steel mills will also be encouraged to launch large-size scrap recycling and processing centres and to adopt electric-arc furnaces that only use scrap metals to make


What does Make Australia Stupid Again want?

Via the Saturday Paper’s Mike Seccombe: Clive Palmer is not delusional. Those too-good-to-be-true promises, the 151 hapless, hopeless candidates running in every lower house seat, the risible “shadow minister” titles, have been set up to create the illusion of a serious party with a broad suite of policies and deep interest in the disparate concerns


How big is the iron ore supply hole?

Some nice data from Clyde Russell: Australia’s iron ore exports rebounded in April after being hit by a cyclone the prior month, but the surge in shipments wasn’t enough to offset declining volumes from Brazil in the wake of January’s tailings dam disaster. Australian exports were about 69.1 million tonnes in April, according to preliminary


Commodity price index signals further terms-of-trade boost

By Leith van Onselen The RBA has released its commodity price index for April, which increased by 0.9% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – but was unchanged in Australian dollar terms: Preliminary estimates for April indicate that the index increased by 0.9 per cent (on a monthly average


Import, export prices signal big terms-of-trade lift

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released export and import prices for the March quarter, which portends a lift in Australia’s terms-of-trade when the national accounts are released in early June. According to the ABS, export prices rose by 4.5% over the March quarter and were up by 15.3% over


RIO iron ore damage less than expected

Via RIO this morning: Rio Tinto chief executive J-S Jacques said “Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones. As a result, and following the continuing assessment of damage at the port resulting from the cyclones and other minor disruptions, 2019 guidance for Pilbara shipments is


China weighs into election with deeper coal ban

Via The Australian: Chinese state-owned power stations are specifically requesting coal from Indonesia, rather than Australia, as they put out tenders for new coal supplies, according to S&P Global Platts’ Asian thermal coal expert, Michael Cooper. “The state-owned power stations are not buying Australian thermal coal and the traders say there is a political dimension