Sunday, 29 June 2014
Saturday, 21 June 2014
Wednesday, 11 June 2014
kuantan iron ore mining and process and export
China's May iron ore imports fall 7 pct from April
* Iron ore supply still outpacing demand - trader
By Manolo Serapio Jr
SINGAPORE, June 9 (Reuters) - Iron ore futures in China
steadied on Monday as the market stabilised after recent steep
falls in prices spurred buying interest in the world's top
consumer of the steelmaking commodity.
Spot iron ore prices rose last week after a seven-week slide
that pulled down the raw material to its weakest since September
2012. A glut in supply could limit any further price recovery at
a modest level, traders said.
Iron ore contract for delivery in September on the Dalian
Commodity Exchange was unchanged at 688 yuan ($110) a
tonne by midday. The contract rose about 0.5 percent last week
after falling in the prior five weeks.
"Supply is still more than demand, but we have probably seen
the peak in supply for now and that's helping stabilise the
market a bit," said a Shanghai-based iron ore trader.
Despite a 13 percent drop in iron ore prices in May, China's
imports of the raw material fell to 77.4 million tonnes in May
from 83.4 million tonnes in April which was the second highest
monthly volume.
Imports may continue to decline on a month on month basis
due to high inventory of iron ore at Chinese ports and among
mills, a crackdown on iron ore financing in China and as mills
run down stockpiles ahead of the slow summer season, said Helen
Lau, a senior mining analyst at UOB-Kay Hian Securities in Hong
Kong.
"This will put more downward pressure on the over supplied
seaborne market. We stay bearish on iron ore and steel prices,"
Lau said in a note on Monday.
Stocks of imported iron ore at 44 Chinese ports stood at
113.2 million tonnes as of June 6 SH-TOT-IRONINV, down
slightly from a record high of 113.6 million tonnes in the
previous week, according to industry consultancy Steelhome.
Chinese steel mills are cutting back on long-term iron ore
contracts in favour of cheaper spot cargoes on expectations that
spot prices are unlikely to rebound strongly anytime soon.
Benchmark ore with 62 percent iron content for immediate
delivery to China .IO62-CNI=SI rose 0.2 percent to $94.50 a
tonne on Friday, according to data compiler Steel Index.
Iron ore ended the week nearly 3 percent higher in its first
weekly gain in eight weeks, but has stayed below $100 a tonne
since May 19. It touched a 20-month low of $91.80 on May 30.
Sunday, 1 June 2014
Saturday, 31 May 2014
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Sunday, 30 March 2014
iron ore news
Iron ore price slump surprises analysts, should worry Government
The World Today By business reporter Pat McGrath
Updated Wed 12 Mar 2014, 3:01pm AEDT
This week's massive fall in iron ore prices is not only hurting miners, but also Australia's budget.
This week's big drop in the iron ore price has come a surprise to many commodity market watchers, including UBS analyst Tom Price.
"Started off the year at about $US135 a tonne landed somewhere in north China and it's come off about 20 per cent to a low of $104, $105 a tonne landed in north China," he observed.
"This is a genuine surprise to the market because generally this time of year you'd actually see trade flows lift and the price lift as we come out of winter and the Chinese New Year period."
There are a number of explanations for the price drop - an unexpected Chinese trade deficit exposing an oversupply of iron ore, as well as the Chinese government's announcement yesterday that it is tightening credit for underperforming steel mills.
"There's a third issue too - the government is concerned about levels of pollution, particularly around Beijing, and so they're actually cutting steel production capacity and all of the raw materials processing capacity that's going into the industry and that's hurting the iron ore trade," added Mr Price.
The long term outcome was always going to be a booming commodity demand, a booming commodity supply and rather more sensible pricing.
Chris Richardson, Deloitte Access Economics
Thus economic policy changes aimed at clearing the skies over China could send dark clouds over Australia's mining sector.
"Rio Tinto, BHP and Fortescue, the three big producers here in Australia, have invested an enormous amount of time and money in expanding their production capacity over the last few years and they're just starting to deliver the biggest lift in those programs last year and this year, so they'd be a little bit troubled by this," Mr Price said.
Iron ore specialist Fortescue has bounced back a bit on the share market today after two days of large falls.
Rio Tinto and BHP Billiton are still trading lower after being sold down heavily earlier in the week.
The World Today By business reporter Pat McGrath
Updated Wed 12 Mar 2014, 3:01pm AEDT
This week's massive fall in iron ore prices is not only hurting miners, but also Australia's budget.
This week's big drop in the iron ore price has come a surprise to many commodity market watchers, including UBS analyst Tom Price.
"Started off the year at about $US135 a tonne landed somewhere in north China and it's come off about 20 per cent to a low of $104, $105 a tonne landed in north China," he observed.
"This is a genuine surprise to the market because generally this time of year you'd actually see trade flows lift and the price lift as we come out of winter and the Chinese New Year period."
There are a number of explanations for the price drop - an unexpected Chinese trade deficit exposing an oversupply of iron ore, as well as the Chinese government's announcement yesterday that it is tightening credit for underperforming steel mills.
"There's a third issue too - the government is concerned about levels of pollution, particularly around Beijing, and so they're actually cutting steel production capacity and all of the raw materials processing capacity that's going into the industry and that's hurting the iron ore trade," added Mr Price.
The long term outcome was always going to be a booming commodity demand, a booming commodity supply and rather more sensible pricing.
Chris Richardson, Deloitte Access Economics
Thus economic policy changes aimed at clearing the skies over China could send dark clouds over Australia's mining sector.
"Rio Tinto, BHP and Fortescue, the three big producers here in Australia, have invested an enormous amount of time and money in expanding their production capacity over the last few years and they're just starting to deliver the biggest lift in those programs last year and this year, so they'd be a little bit troubled by this," Mr Price said.
Iron ore specialist Fortescue has bounced back a bit on the share market today after two days of large falls.
Rio Tinto and BHP Billiton are still trading lower after being sold down heavily earlier in the week.
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