Commodities

The Brent oil price fell 2% Friday night to $62.87 as the US rig count again showed signs of a bottom, falling by just 2 to 857: Production rose again: The IEA has some nice charts capturing where US shale is at.

Qingdao iron ore fall 0.7% on Friday to $61.36: Qingdao spot eased again.

By Leith van Onselen The RBA released an interesting report on the global coal market yesterday, which is well worth reading for anyone interested in the black stuff (or commodities generally).

by Chris Becker The three year election cycle, reinforced by the 24 hour news cycle, combined with the “lucky” nature of the Australian body politic, has now sowed the death of the coal industry, which has less than a couple of decades of life left as a major power supplier, according to the IEA.

Here are the iron ore price charts for June 12, 2015:  5 Spot eased.

The Brent oil price fell sharply on Friday night to $63.83.

Modest falls today for big iron under 1% for the majors and flat for FMG.

From The Advocate: THE BIGGEST planned mine in Tasmania for half a century has been granted a mining lease.

Here are the iron ore price charts for July 11, 2015: Surging Dalian futures failed to translate into spot gains.

BHP and RIO are both up over 2% today and FMG is up 5% as the iron ore price marches on.

Here are the iron ore charts for June 10, 2015: Spot is on a tear with Tianjin benchmark added $1.20 or 1.9% to $65.10.

Big iron is on the nose again today.

The Brent oil price took off last night for no reason at all, up 3% to $64.61.

Here are the iron ore charts for June 5, 2015: Little change, then.

Big iron is all over the shop today with BHP flat, RIO down a bit and FMG on the march as all celebrate more crap China data.

Or, put more diplomatically, “self-defeating”, from Goldies: The iron ore industry continues to expand by building new mines and by operating existing mines more efficiently, but the increase in supply is not linear.

Laugh out loud.

Here are the iron ore charts for June 8, 2015 (incorporating 2 days): Qingdao spot weakened marginally and Tianjin was flat.

From the Globe and Mail comes a useful forecast for Chinese steel: Yang Zengkui climbs a hill behind his small restaurant on the industrial outskirts of Shijiazhuang.

From Morgan Stanley: Although unlikely to boost demand this year, wethink OBOR could potentially provide new sources of commodity demand in the coming years.

From The Guardian: Norway’s parliament has formally endorsed the move to sell off coal investments from its $900bn sovereign wealth fund, the world’s biggest.

From Morgan Stanley on the CISA steel output data I noted this morning, lends more weight to the base case that the output spike is temporary: Our comments: The pickup in daily production is in line with the Tangshan blast furnace operating rate, which was up 1% from early May.