Commodities

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Daily iron ore price update (free fall)

Texture from Reuters: “The ferrous market is on the weakest front as steel mills are destocking for the end-of-year financial accounting,” said Darren Toh, data scientist with Singapore-based steel and iron data analytics company Tivlon Technologies. Steel inventories in China stood at 8.9 million tonnes as of Nov.7, the lowest level since Jan.11, according to

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The baffling strength of iron ore revenues

I was going to write this post yesterday but Damien Boey has beaten me to it: The trade balance has come in surprisingly strong, delivering “nominal easing” to offshore-exposed companies and their relatives. The September trade balance surprised well and truly to the upside, rising to $7.2 billion from an upwardly-revised $6.6 billion. We were

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Daily iron ore price update (reluctant)

Texture from Reuters: Notwithstanding the pressure from stabilising supply from top exporters Brazil and Australia, iron ore prices should find support as steel margins have improved, analysts at ANZ Research said in a note. “Steel mills have been reluctant to restock raw materials as margins fell amid a gloomy outlook for steel demand,” they said.

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Daily iron ore price update (stuck)

Texture from MySteel: Many Chinese steelmakers, together with some iron ore traders, are actively drawing down their iron ore stocks at hand when mills in many areas are facing frequent curbs on their steelmaking operations, affecting iron ore consumption, Mysteel Global learned Tuesday. “We are cutting our procurement of seaborne iron ore cargoes from the

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Cannon-Brookes attacks Fuhrer Morrison

Every modern nation needs good billionaires to fight evil ones. I have my issues with Mike Cannon-Brookes and the Atlassian cheap labour arbitrage model but on climate change he’s excellent, via David Crowe: “The people protesting over climate change are not quiet Australians. They are being loud because the government is quiet on the climate,”

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Commodity price index smashed again

The RBA has released its commodity price index for October, which dived another 2.4% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and by 2.0% in Australian dollar terms: Preliminary estimates for October indicate that the index decreased by 2.4 per cent (on a monthly average basis) in SDR terms,

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A new iron ore deluge builds

Via RIO at Bloomie: Iron ore shipments from Rio Tinto Group could rise as much as 5% in 2020 as the producer recovers from operational issues in Australia this year, the exporter says Thursday. The No. 2 miner will also have consistent capacity for volumes of about 360m tons a year once a first phase of the

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Daily iron ore price update (ports)

Texture from Reuters: “Investors remained cautious amid subdued Chinese steel margins and construction demand,” ANZ Research analysts said in a note. “An undersupplied (global) market remains the reality and this has seen prices holding up near $90 a tonne,” ANZ analysts said. Rubbish. The market is oversupplied and will get more so when Vale returns

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Daily iron ore price update (February)

Texture from Reuters: But Darren Toh, data scientist at Singapore-based steel and iron data analytics company Tivlon Technologies, said he remained bullish on iron ore. Steel inventory is easing and the pace of infrastructure projects is accelerating, said Toh, adding that increasing property investment was also being seen. Meh. It’s seasonal. To the charts: Spot

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Daily iron ore update (restock time?)

Texture from Reuters: “While Tangshan cities are facing production curbs to reduce pollution, other steel plants are reported to increase their production because of attractive profitability,” Argonaut Securities said in a note. China’s top steelmaking province of Hebei had implemented overnight inspections on illegal industrial works and emissions as an effort to crack down pollution,