Commodities

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Daily iron ore price update (already priced)

Spot flat. Paper flat. Steel flat. Chinese stimulus is already priced. In news, Vale wants more, via Reuters: Peter Poppinga, executive director at Vale, said at an industry conference in China that the world’s largest iron ore miner was studying expanding its S11D project in the Amazonian state of Para, even though it was still

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Daily iron ore price update (here it comes)

Iron ore prices for September 19, 2018: Spot down. Paper more. Steel up. Here it comes, via Reuters: The National Development and Reform Commission (NDRC), the top state planner in the country, said in a news briefing on Tuesday that China would ramp up investment in infrastructure, as well as in agriculture, poverty alleviation and

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Steel pulverised as China mulls flexible shutdowns

Via Reuters: Prices of steel and its raw materials fell sharply in China for a second session on Wednesday, hitting multi-week lows, as more investors liquidated positions with oversupply risks rising as Beijing mulls a flexible implementation of its output curbs. China is considering allowing its northern provinces to decide individual output cuts by heavy

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S&P warns on iron ore outlook

Via S&P: Our price assumptions for iron ore are unchanged. In our view, favorable steel producer margins and supply side reform in China should underpin steady demand for iron ore this year. This demand, together with disciplined new iron ore supply from major players, should support a relatively stable iron ore price for the rest

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Australia’s terms-of-trade retraced in Q1

By Leith van Onselen Within today’s dump of balance of payments data that feeds into tomorrow’s June quarter national accounts release was the important news that Australia’s terms-of-trade fell by 1.3% in seasonally adjusted terms but rose by 1.0% in trends terms: Over the year, the terms-of-trade rose by 2.1% in seasonally adjusted terms and

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Daily iron ore price update (scraptastrophe!)

Iron ore prices for August 30, 2018: Spot flat. Paper jumped overnight but before Trump’s big bash. Steel has flamed out. The truth is out at Macquarie: The bank tracks Chinese imports via customs data and shipping information from exporters, and so far in 2018, iron ore imports appear to be flat year-on-year. That’s despite

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Banana Man abandons iron ore

Via Platts: Open interest in iron ore futures traded on China’s Dalian Commodity Exchange has fallen below 1 million lots in August, after peaking in April above 2.6 million lots. Iron ore open interest stood at 975,722 lots last Thursday, a year-to-date low, and at 981,858 lots on Monday. One lot is 100 mt. The

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The future of iron ore

Terrific stuff here from Westpac’s Justin Smirk: •Demand for iron ore has been very robust this year but more importantly there has been the collapse in Chinese ore production in response to industry reforms as well as a soft patch in imports. The more rigorous implementation of environmental policies has hit iron ore miners hard.