The miner’s iron ore production was 145 million tonnes in the June to December 2020 half-year, up 5 per cent on the 2019 second half-year. This is a point often missed by market commentators who focus on monthly trade flows, and who perhaps overlook the growing gap between demand and supply for iron ore. “Structurally market demand has gone up by hundreds of millions of tonnes, while supply has only gone up by tens of millions of tonnes,” he added. JPMorgan believes the mood should remain buoyant and upgrades 2021 estimates for iron ore prices to US$162/t. The number of traders net-long is 25.39% higher than yesterday and 3.75% lower from last week, while the number of traders net-short is 7.27% lower than yesterday and 2.50% higher from last week. Stockhead is providing factual information where there is a reasonable likelihood of doubt. https://www.dailyfx.com/economic-calendar#2021-03-10, $GBPUSD is currently testing the 1.3900 level for the second time today. BHP shipped 290 million tonnes of iron ore in 2020 and its new South Flank mine in WA is 90 per cent complete and forecast to start production mid-year. Weekend Update. Morning Update The situation in China for Australian coal imports was laid bare in a report this week by Australian rail company Aurizon (ASX:AZJ). The company has lowered its railings guidance for coal by 10 million tonnes in the June 2021-ended financial year to 200 million to 210 million tonnes. Iron ore futures contract prices, an indication of near term market conditions, were trading at $US160 per tonne for March and $US150 per tonne for June settlement on the Singapore Exchange, Tuesday. Australia is the largest iron ore producer in the world. Signs of improvement in steel markets outside China also helped boost iron ore prices, analysts at ANZ said in a note, citing profits of and better 2021 prospects highlighted by Japanese steelmakers. “That means another 300 million tonnes a year of iron ore is needed,” he said. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUD/, We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests, British Pound (GBP) Latest: EUR/GBP Decline Not Over Yet, FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Rest-of-the-world demand in the seaborne market for coking coal is starting to improve as uncertainty over China’s imports policy grows, said BHP in its earnings report this week. Wonmunna, part of the company’s Utah Point hub, is expected to deliver iron ore exports of 1 million to 2 million tonnes per year. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365). “The industry faces a difficult and uncertain period ahead,” said BHP, one of the world’s largest producers of coking coal, and the largest shipper in Australia. Image: Getty, February 17, 2021February 17, 2021 | Mike Cooper. This indicates the Asian country still has some way to go to equal urbanisation rates in Western countries, he said. Get the latest Stockhead news delivered free to your inbox. Expected: 0.4% $usd back down to support after cpi release https://t.co/s6XKpwlKkO https://t.co/ks9Tts7Rpn, 🇺🇸 Core Inflation Rate MoM (FEB) Markets coverage, company profiles and industry insights from Australia's best business journalists - all collated and delivered straight to your inbox. The company’s production guidance for the June 2021-ended financial year is 276 million to 286 million tonnes on a 100 per cent production basis. Email Lists The immediate outlook for iron ore is still robust with the spot price at $US166 per tonne ($212.75/tonne) as cargo trading slowed to a crawl for China’s Lunar New Year holiday. BHP received an average price of $US106.30 per tonne for its hard coking coal shipped from Australia for the June to December 2020 period, down from $US154 per tonne in the June to December 2019 period. $GBP $USD https://t.co/okcxVqkAIu, Mid-Week Market Check Up Webinar with IG starting in 30mins! Actual: 0.4% ATLAS Iron expects the iron ore price to rise over the next two months and remains upbeat about Chinese demand, even though it reported a … The company expects to ship around 20 million tonnes of iron ore exports from its WA hubs in the June 2021-ended financial year. Iron ore is Australia’s biggest export earner. The notable drop-off in Chinese iron ore demand appears to have notably weighed on the Australian Dollar in recent days as attention turns to the upcoming Q4 inflation release. Steel reinforcing bar (rebar) prices at the Shanghai trading hub were steady during China’s holiday lull this week at $US667 per tonne. For investors, getting access to the right information is critical. https://www.dailyfx.com/economic-calendar#2021-03-10. Iron ore is a non-fungible commodity, and its quality varies. Previous: 59.5 “Metallurgical coal prices faced by Australian producers in the free-on-board (FOB) market have been weak,” said the company in a report to accompany its financial results. China’s urbanisation levels are currently around 50 per cent compared to a level of 80 per cent in Europe and North America. The pair is attempting to rebound from the recent multi-week lows hit around 1.3800. Market Close Update It's free. Current steel production in China is around 1.1 billion tonnes per year and has increased by around 200 million tonnes in the past few years. Mineral Resources shipped 7.9 million tonnes of iron ore from its Yilgarn and Utah Point hubs in WA in the June to December 2020 period, up 17 per cent on the 2019 second half. Mar 8, 2021 @ 13:43 ... Pessimistic outlook clouds iron ore pellets market To help facilitate price adjustment for differences between expected and delivered product specifications, PRAs have developed value-in-use (VIU) indices for the key price-affecting chemical components of iron ore - iron… “Subdued economic conditions, combined with restrictions on Australian coal imports by China, continue to weigh on export volumes,” said ratings agency S&P Global Ratings in a report on Aurizon. Iron ore price from November 2019 to November 2020 (in U.S. dollars per dry metric ton unit)* [Graph]. Previous: 0% ... EU steel shortage to persist throughout 2021. Direct cash payments could prove stimulative much sooner. Bulk Buys: Iron ore prices stay elevated, demand outlook starting to improve for coking coal, Bulk Buys: China wants 32,000km more high-speed rail and 160 new airports by 2035, Bulk Buys: China's record steel prices support iron ore, coking coal demand cools, Magnetite Mines gets choice iron ore tenement in South Australia. Expected: 0.2% A stacker/reclaimer at a WA iron ore shipping terminal. A bearish pall is emerging for the iron ore pellets market amid growing supply from Brazil and a shift in demand toward fines with the expected easing of sintering restrictions in China. “Policy driven demand is going to create a capex cycle that is bigger than the BRICs (Brazil, Russia, India, China) in the 2000s, not quite as big as the ’70s, but we are talking about that kind of a bull market in commodities,” Goldman Sachs’ global head of commodities research, Jeffrey Currie was reported as saying in a recent speech.