Commodities

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Daily iron ore price update (future pain)

Iron ore prices for April 22, 2019: Spot firm. 12 month futures sagged as supply is responding. Steel OK. Here’s the problem a year and more out, via Bloomie: Mining dealmaker Mick Davis has won permission to export iron-ore from a planned mine in West Africa, adding momentum to the industry veteran’s comeback. Davis, through

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RIO iron ore damage less than expected

Via RIO this morning: Rio Tinto chief executive J-S Jacques said “Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones. As a result, and following the continuing assessment of damage at the port resulting from the cyclones and other minor disruptions, 2019 guidance for Pilbara shipments is

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China weighs into election with deeper coal ban

Via The Australian: Chinese state-owned power stations are specifically requesting coal from Indonesia, rather than Australia, as they put out tenders for new coal supplies, according to S&P Global Platts’ Asian thermal coal expert, Michael Cooper. “The state-owned power stations are not buying Australian thermal coal and the traders say there is a political dimension

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China’s “targeted stimulus” no good for dirt

Via Bloomie: Since last year, the government has doubled down on this kind of “targeted” stimulus, emphasizing the role of consumption and the promotion of a long-standing shift toward services and higher-value manufacturing — and away from expensive mega-projects. …Overall though, the relative restraint of the new stimulus strategy should help slow a build up

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The China coal warning Australia should heed

Via The Australian: Analysts have sounded a warning over short-term earnings at thermal coal exporters after a slump in demand sent prices to the lowest levels in more than a year. The slump came as Australian politicians engaged in another round of brawling over approvals for Adani’s 28 million-tonne-a-year Carmichael thermal coal mine in Queensland,

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Daily iron ore price update (more Vale)

Iron ore prices for April 10, 2019: Dancing on a pinhead now. New has Vale in more trouble, via Reuters: Prosecutors are planning to file criminal charges against Brazil’s miner Vale SA and its employees over the collapse of a mine-waste dam in January that killed hundreds of people, the Wall Street Journal reported, citing the

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Daily iron ore price update (time to sell?)

Iron ore prices for April 4, 2019: Spot cooled. Paper is still warm. Steel is stuck. Some are bailing on the rally, via Seeking Alpha: The prospect of reduced global supply and improved demand for iron ore in China is being misread by investors, according to Liberum Capital, which reiterates Sell ratings on BHP, Rio Tinto (NYSE:RIO) and

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China steel PMI remains weak

Here are the latest China steel PMI numbers: March Feb. Jan. Dec. Nov. Oct. Sept. 2019 2019 2019 2018 2018 2018 2018 Index Steel Industry PMI 46.8 50.6 51.5 45.6 45.2 52.1 52.0  Output 44.7 52.2 46.8 44.6 47.6 55.7 53.6  New Orders 46.3 47.8 53.4 39.5 35.4 52.3 48.9  New Export Orders 46.2 48.7

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Aussie coking coal eaten by Cold War 2.0?

Via Domain: Australian officials are increasingly concerned that trade negotiations between China and the United States will lead to a special deal between the two countries that displaces Australia’s exports, including coal, to its biggest market. China is likely to significantly increase imports of American coal from West Virginia, Donald Trump’s electoral heartland, if it

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The doom of iron ore

Via The West: China could slash its iron ore imports 40 per cent as its Government winds down its stimulus of an overpriced housing sector, which would have disastrous consequences for Australian iron ore producers, a conference in Perth was told yesterday. J Capital partner and iron ore and steel analyst Tim Murray said China’s

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Daily iron ore price update (Brucutu)

Iron ore prices for March 20, 2019: Spot hammered. Paper worse. Steel fine. Chinese iron ore port stock lifted to 148.2mt last week. Bloomie has more on Brucutu: Bradesco BBI, Thiago Lofiego Positive development for Vale. However, it’s still uncertain if the company can regain the provisional operating license under which it operated the Laranjeiras