Iron ore price

Big iron ore is getting hit today for no obvious reason.

From Newport Consulting new Mining Business Outlook: We consulted key industry leaders, including Gina Rinehart, to collate the most prevalent outlooks, challenges and opportunities facing the mining sector in 2016.

Tianjin benchmark was 0.2% to $50.60.

Iron ore charts for June 17, 2016: Tianjin benchmark firmed 1% to $50.70.

Big iron is up today following a 5 point rise in Dalian futures with BHP 0.7%, RIO 0.8% and FMG 2.5%.

Iron ore charts for June 15, 2016: Tianjin benchmark stable at $50.20.

Big iron is up today following London’s stupid session with BHP 1.7%, RIO 1.4% and FMG 2.4% despite its huge discounting.

Iron ore charts for June 15, 2016: Tianjin benchmark fell 1.2% to $50.20.

Big iron is taking it in the team again today as BHP and RIO fall -1.8% while FMG continues its delusional levitation at -1.3%: Dalian has recovered a couple of points from overnight.

I know Sinofax reckons that big miners are in a new bull market but the charts do not look well today.

Iron ore charts for June 14, 2016 below: Tianjin benchmark fell 1.9% to $50.80.

Iron ore charts for June 13, 2016: Tianjin spot fell 0.6% to $51.80.

From Morgan Stanley: MOU blending upside likely at the operational level: The plan to blend tonnes with Vale is yet to be implemented, but we have made a first pass at quantifying the upside.

The Arrium meltdown is proceeding, from The Australian: Deutsche is expected to fire the starting gun on the latest efforts to sell Arrium’s media grinding business, Moly-Cop, in mid-July after the German investment bank outmanoeuvred its peers to win the coveted advisory role earlier this month.

No iron ore prices nor charts today given Chinese markets were closed for the Dragon Boat Festival.

Big iron is trying to rally today but largely failing after weakish overnight action in Dalian (which seems closed today).

Courtesy of UBS comes some extra detail from Port Hedland stats for May: Port Hedland exports 39.4Mt in May 2016 The Port Hedland Port Authority has released export data for May 2016. Iron ore exports totalled 39.4Mt for May 2016 (+4% m/m & +4% y/y).

Iron ore charts for June 8, 2016: Tianjin benchmark fell 0.4% to $52.10.

From the FT: The US has given the go-ahead for the country’s largest steel producer to seek a ban on imports from Chinese rivals, in the first known case in which trade sanctions could be used in retaliation for alleged China government-backed hacking of commercial secrets.

Iron ore charts for June 7, 2016: Tianjin benchmark up 3.4% to $52.30 as the US dollar softened and Tangshan ordered more mill closures.

A quick aside today to arm readers against the rhetoric of Andrew Forrest in the future when it comes to the question about who killed the iron ore price.

Port Hedland May stats are out and it shipped the second highest level of dirt on record at 39.37mt.

From Reuters: Shanghai steel futures extended gains to hit a three-week high on Tuesday amid more short-term production curbs in a key Chinese city while iron ore prices rallied further as mills built stocks ahead of holidays later this week.