Commodities

19

Why oil is going to zero

Via Bloomie: American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter this week asking its suppliers to

14

Iron ore is going to tumble too

Iron ore prices for March 18, 2020: Dalian was boosted yesterday by this: Brazilian iron ore producer Vale has shut its Teluk Rubiah iron ore blending terminal in Malaysia until 31 March to comply with a lockdown aimed at slowing the coronavirus outbreak. The Malaysian government has asked Vale to halt operations at the terminal

2

Daily iron ore price update (yawn)

Iron ore prices for March 9, 2020: Spot down. Paper too. But it’s the calm that impresses. Port stocks eased agin last week to 126.25mt. China is relatively short of iron inventory after last year’s Vale-inspired draw down. That said, I still don’t get why steel prices aren’t crashing amid the glut. Still lot’s of

5

Trade surplus holds on booming iron ore exports

The Australian Bureau of Statistics (ABS) today released trade data for the month of January, with Australia’s trade surplus falling by around $150 million to $5.2 billion: The next chart shows that Australia’s trade surplus is still running at strong levels: In January, both exports (credits) and imports (debits) fell: In seasonally adjusted terms, goods