Commodities

0

Daily iron ore price update (ain’t no virus here)

Iron ore price charts for January 21, 2020:   Everything stable. Bloomie sums it up for me: Vale, a critical piece of the steel ingredient jigsaw, won’t report fourth-quarter production until February, but third-quarter output was already up 35% on the previous three months, and the Brazilian giant could return to pre-Brumadinho levels by 2021. All three of

3

Poor China analysis that the RBA should ignore

At the AFR: Upgrades to the economic outlook for Australia’s two largest trading partners are another two more red crosses in Philip Lowe’s “cons” column as the Reserve Bank governor weighs up the wisdom of cutting rates to fresh lows. …Treasurer Josh Frydenberg would be also pretty pumped up as well, given expectations of a

0

Daily iron ore price update (more Vale)

Iron pre price charts for January 16, 2020: More Vale ructions: Brazil miner Vale SA VALE3.SA has halted the tailings operations at the Esperança mine, which it acquired from Ferrous Group last year, according to a statement on Thursday. Vale cited the need to do a technical evaluation and potentially carry out work to improve safety at

0

Daily iron ore price update (the 2020 story)

Texture from Reuters: Meanwhile, official data on Monday showed China’s real estate investment grew at a slower pace in November at 8.4% year-on-year, while new construction starts contracted last month after a surge in October. month’s property data is significantly lower than expected,” Huatai Futures said in a note, adding that ferrous prices plunged following

0

Daily iron ore price update (pass the bourbon)

Iron ore charts for December 12, 2019: Texture from Bloomie: If anything, the rally in mainland steel prices might suggest an even more bullish interpretation. Prices for hot-rolled coil, which has mostly been sold at a discount to steel reinforcement bar over the past year, leaped to a 212 yuan-per-ton ($30.15/ton) premium in Shanghai on Thursday.

0

Anglo adds to iron ore pain

Headlines today for iron ore are for less next year courtesy of Anglo: Anglo American has trimmed its production forecasts for iron ore, diamonds and coal for the next two years, the mining company said in an update for investors on Tuesday. Anglo American lowered its forecast for its Kumba Iron Ore business from 42-43

0

Daily iron ore price update (froth and bubble)

Texture from Reuters: “The surge in iron ore prices was mainly driven by supply concerns from foreign miners in the first quarter next year,” said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India. Meanwhile, demand prospects for

0

Daily iron ore price update (Brazil hiccup)

Texture from Reuters: “As (China’s) winter production control is less severe than last year and steel demand remains solid due to government’s support policies, we expect the steel prices to rise further, underpinning further recovery in iron ore and coking coal prices,” said Helen Lau, metals and mining analyst at Argonaut Securities. Meh. This is

3

Australia’s terms-of-trade rose in Q3

Within today’s dump of balance of payments data that feeds into tomorrow’s September quarter national accounts release was the important news that Australia’s terms-of-trade rose another 0.4% in seasonally adjusted terms and by 1.2% in trends terms: Over the year, the terms-of-trade rose by 7.8% in seasonally adjusted terms and by 8.0% in trend terms.

5

UBS: China’s Pilbara killer a “material risk”

Via the FT comes the Australian doomsday clock via Simandou: Fadi Wazni, the chairman of SMB-Winning, the consortium, said it was already “advancing” discussions with partners interested in backing its ambitious plan to build a 110m-tonne-a-year iron ore mine in the west African country at an estimated cost of $15bn. These include China Railway Construction

0

Daily iron ore price update (Vale tremors again)

Texture via Reuters: China’s official Purchasing Managers’ Index (PMI) released on Saturday pointed to an unexpected improvement in its manufacturing sector in November, as demand picked up on Beijing’s stimulus measures. Another private business survey released on Monday also showed total new orders and factory production remained at buoyant levels last month, expanding at the

4

Destroyed gas market dumps LNG imports

It just keeps getting worse for Autralian gas users. Via Domain: Global energy giant ExxonMobil has scrapped plans to build a gas import terminal on the Victorian coast, deepening fears for large energy users about rising costs and a looming supply shortfall facing southern states. …ExxonMobil said it had undertaken an “extensive study” to determine