Iron ore price

From the Yahoo: Malcolm Turnbull has condemned Brendon Grylls’ proposed $5 iron ore tax on Rio Tinto and BHP Billiton, saying it would discourage investment and reduce WA’s competitiveness.

Iron ore price charts for September 8, 2016: Tianjin benchmark fell 1.5% to $57.40.

One of the bulks that I did get right this year is coking coal and it’s tearaway boom is now reaching the crazy stage. From Macquarie:  Since our last met coal note (Met coal mania) published one month ago, spot hard coking coal prices have risen another 47% or $51/t.

A lot.

Iron ore charts for September 7, 2016: Tianjin spot eased 0.5% to $58.30. Paper crashed. Rebar is still firm. I suspect we have both ongoing restocking and supply pressures (seen in yesterday’s Port Hedland numbers) here.

Courtesy of Credit Suisse: We judge that Chinese government policy has tightened over the past several months.

From Angus Grigg at the AFR today: It was the moment China announced it was giving up on reform.

Big Iron has blown off this morning on the falling US dollar with all three majors rocketing at the open including FMG hitting $5.28!

Port Hedland is out with its August shipments and boy are we chucking some dirt into the sea now!

Iron ore price charts for September 6, 2016:   Tianjin spot eased 0.3% to $58.60.

From Mining Journal: The tax would make Australia the world’s highest taxing iron-ore jurisdiction, according to a new study commissioned by the Minerals Council of Australia (MCA) and WA’s Chamber of Mines and Energy.

Iron ore price charts for September 5, 2016: Tianjin spot faded a touch to $58.80.

The mining bid is back today as markets cheer the miss in US jobs (notwithstanding the view that is was firm enough for another Fed hike).

From the so-called Australian: Mining giant BHP Billiton has stepped up its opposition to a $5-per-tonne iron ore tax proposed by the West Australian Nationals, warning its employees that such an impost would affect investment and jobs across the company.

Iron ore price charts for September 2, 2016: Tianjin spot firmed 1% to 1 per cent to $59.

More Big Iron weakness today despite the overnight Dalian bounce (opened flat)  as BHP is -0.1%, RIO 0.5% and FMG -2.3%: FMG has printed its first lower low in its spectacular bull run strengthening the toppiness vibe.

Iron ore price charts for September 1, 2016 Tianjin spot fell -1% to $58.40.

No charts today but Big Iron is sinking with Dalian down another 1% this morning.

Solid is not usually the word one uses for China’s steel PMI given it’s the most volatile index in the history of man but this month it is solid at 50.1 virtually unchanged.

Iron ore price charts for August 31, 2016: Tianjin spot was flat.

Yes, a little Janet does go a long way.