Uranium to India?

From the AFR: Australia is poised to take a significant step towards exporting uranium to India in a landmark move that promises to open up millions of dollars of sales for companies such as Paladin, Toro and Energy Resources of Australia and double national production by 2020. When she visits India in a fortnight, Prime


Orewellian iron

Find yesterday’s steel complex prices above. There are a couple of interesting bits around on the iron ore price today. The first is from Alphaville on ye auld price floor: The cost curve theory is that the highest cost producers (who happen to also be in China) will drop out when iron ore prices fall below


Chinese steel production to fall

From the AFR: Chinese steel production will fall over the next three years, according to figures released at a major iron ore conference on Thursday. The Deputy Secretary-General of the Metallurgical Mines Association of China, Liu Xiaoliang, forecast that by 2015 China would demand only 705 million tonnes of crude steel. That is a fall


The bad news bulks

Courtesy of ANZ: Newcastle front month futures prices declined to USD87.2/t dragged lower by negative demand sentiment for energy related assets. Iron ore did not fare much better, falling 2.5% to USD103.7/t, while Australia FOB coking coal prices also declined by USD1.42 to UDS146.79. Slower steel demand growth in China and Europe has created a surplus in Asia, weighing on prices.


Daily iron ore update

Yesterday’s iron ore prices show continued consolidation: I’m not sure we’re going to see much more upside here in the near term. The decision by India yesterday to limit some iron ore exports seems to have little effect on the market. Such news used to send the price up 20% or more. Here are the


Daily iron ore price

Friday saw the ore price end the week on a soft note: Not much to add except to say that the 12 month swap looks reasonably priced at these levels given the outlook: Chinese steel prices took a breather: And there is still no real drawdown on Chinese port inventory:  


A swift education in LNG markets

For those that have never tackled the LNG market, there is an excellent comment thread available on yesterday’s story about Japan’s push to break the current contract pricing system. It’s full of leads and interesting arguments. Enjoy.


Will Japan do to us on gas what we did to it on ore?

There’s a unsettling story in The Australian today about a Japanese push to break the oil-benchmarked LNG contract pricing system: JAPAN’S drive to sever the oil link in the pricing system for liquefied natural gas could slow development of Australia’s gas industry, oil and gas company Santos has warned, saying the current pricing system was


Iron ore price volatility continues

Another wild day for the iron ore market with 12m swaps reversing spectacularly, spot showing less trouble and Chinese steel prices firming up.  So long as the rally in Chinese steel prices persists so too will the ore price. And on that front, the World Steel Association released its August figures today: Brussels, 20 September


Coking coal still falling

Courtesy of ANZ. Newcastle FOB October coal prices improved slightly to USD91.8/t. BHP Billiton boosted thermal coal production in its 2012 financial year, with record high output at two of its thermal coal mines in Australia and Colombia. BHP’s coking coal data was more bearish, with a large fall in earnings at its coking coal operations in 2012 due to


Coking coal dumped again

While we seem to have passed the short term nadir for iron ore prices, coking coal is still taking a battering. From ANZ: Newcastle FOB physical coal prices were steady around  USD91.1/t. Thermal coal markets appears to have based and  may find slightly better support as we enter the seasonally  strong winter demand period. We


Fortescue gets its rescue

From the AFR: Fortescue Metals Group has secured a commitment for a new debt facility of up to $US4.5 billion underwritten by Credit Suisse and JPMorgan that it will use to refinance its existing facilities and provide it with additional liquidity. …Fortescue said the earliest repayment date for any of its debt is now November


Daily iron ore price update

Whilst I spent Friday with most folks thinking QE3 would have a limited impact on iron ore, so far we’re all wrong. The Fed launched ore into another spectacular bounce: Which, as you can see, did absolutely nothing for Chinese steel prices: I have absolutely no idea what comes next in these crazy markets but