Iron ore price

The iron ore rally hasn’t made much sense for while and that just got worse with the China steel PMI: June   May April March  Feb.

Iron ore charts for June 30, 2016:   Tianjin benchmark was up 1.5% to $54.20.

Your shout!

The story so far for commodities in 2016 has one of extreme volatility.

Iron ore charts for June 29, 2016: Tianjin benchmark was unchanged at $53.40.

Can we call it a “dead cat”?

From The Australian: Atlas Iron has welcomed a move by the West Australian government to extend a discount on port costs to besieged junior iron ore miners.

Iron ore charts for June 28, 2016:   Tianjin benchmark firmed 0.4% to $53.40.

MS is out with a bunch of iron ore stuff today including FMG: Caught on the wrongside: We commenced the year with an UW rating based on our house view for iron ore prices to fall to US$31/t in 2H’CY16 and our concerns related to constrained cash flows in such an environment.

The ASX is partying on today as S&P500 futures have climbed all day and thus last night’s damage is forgotten.

From Macquarie Bank:  Gold was one of the clear winners in the aftermath of the UK’s referendum on EU membership, which was won by the leave side.

Iron ore charts for June 27, 2016: Tianjin benchmark jumped 3.5% to $53.20.

Yes, it’s true.

Some days equities really are amusing.

From Macquarie:  Spot iron ore prices have steadied in a $49–53/t CFR China range (62%fe basis) since late-May.

Iron ore charts for June 24, 2016:   Tianjin spot fell 0.6% to $51.40.

Iron ore charts for June 23, 2016:   Tianjin benchmark was unchanged at $51.70.

Bremain continues to be priced with shares broadly up.

Iron ore charts for June 22, 2016: Everything up with Tianjin spot 2% to $51.70, though steel very unconvincing.

It makes no sense at all but big iron is up today is Dalian rises 3%.

From Macquarie:  Sentiment in the domestic steel industry remains on the negative side in June following the sharp turnaround in May, according to the latest findings of our proprietary survey of one hundred steel industry participants.

From the World Steel Association: World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 139 million tonnes (Mt) in May 2016, a -0.1% decrease compared to May 2015.

Iron ore charts for June 21, 2016: Tianjin benchmark was little changed up 0.2% to $50.70.

BHP via the AFR: BHP Billiton chief executive Andrew Mackenzie tipped the global oversupply of mining commodities to drag on for another decade, even as he said iron ore had settled at a more “realistic” price.