Commodities

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Daily ore price update

Here is today’s iron ore chart: Definitely looks like the spot market wants to test the $120 ceiling. 12 month swaps aren’t co-operating and the contango is gone but the spread has often been much wider than this so that may not hold spot back: As I’ve said, though, anything over $120 now has highly

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Daily iron ore price update

All quiet on the Westoren front today. Not much else to read either beyond a bit bullish blather from UBS: Iron ore will probably advance this quarter to levels last seen in July as steelmakers in China, the biggest buyer, rebuild inventories on speculation that the country’s pace of economic growth will pick up, said

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Daily iron ore price update

Here’s your overnight ore complex action: Looks like the bulks got their Chinese data bounce one day early. In other news, I mentioned this yesterday but it’s worth repeating. Marius Kloppers has declared the end of the boom: In the 10 years or so that have passed since China first came to the fore as

10

Cast iron drivel

Business Spectator’s Ben Potter has a fast and loose take on iron ore today: Third quarter production reports have catapulted the big miners higher as they met or exceeded analyst expectations. This, combined with strong offshore leads and an investment community that is fast becoming less bearish on China provide a near perfect storm for

2

Farewell, thermal coal

From ANZ today: Newcastle physical coal prices hit a 3-month low of USD80/t, in line with other Asian coal prices. Chinese demand remains soft and an oversupply situation is apparent in Pacific markets. The NDRC said Chinese utilities have closer to 29 days of supply (contrary to other reports of 20-25 days of supply). Either way, this is negative, with

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Daily iron ore price update

And so, big news for ore lovers over the weekend. First, here is Friday’s price table: Here is the ore chart: And the Chinese steel chart: No good news there. Indeed, the ore bounce appears to be over, for now anyway. According to Bloomberg, and as we know already, it was driven by speculation that end-user

7

Coking coal undermines iron ore bounce

As we know, iron ore has enjoyed a good bounce from its lows of almost 30%. Its steel partner, coking coal, however, has not. From ANZ today: Newcastle front-month coal futures declined 1.5% to USD85/t, as demand conditions remain soft. Richards Bay could get some traction from Indian buyers as end-users call for negotiations this week for Nov/Dec

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Daily iron ore price update

Find today’s ore chart below: $120 suddenly looking pretty tough for ore and thermal coal has resumed its decline too. There is a lesson in thermal coal for all of the bulks as China shifts its energy paradigm and big thermal coal production expansions are hitting a fading growth engine. Expect the same for iron