Australia Trade Surplus Widened in November to $13.2 billion With Iron Ore Exports Higher 7.9%

Australia posted a trade surplus of A$13.2 billion in November exceeding expectations for a surplus of A$10.5 billion following the A$12.217 billion surplus in October and $12.5 billion in September. The Australian Bureau of Statistics reported exports dipping 0.4 per cent and imports falling 1.5 per cent over the month. The report was amid softening global demand as China battled with a resurgence of coronavirus infections. Australia’s’ leading exports were Metal ores and minerals exports (iron ore) $14,502 billion up … Continue reading “Australia Trade Surplus Widened in November to $13.2 billion With Iron Ore Exports Higher 7.9%”

Steel Rebar Futures Lowest in Two Years Impacted by China’s Dynamic Zero-COVID Policy

Steel rebar futures fell to the lowest in two-years Monday at CNY 3,650 per tonne. Deepening recession fears and heavy losses in Chinese bonds and stocks following the reelection of President Xi. Steel rebar and Iron ore futures have been a clear leader from the early days of the raw materials rally. They are also the most volatile. Volatility is fed multiple things, the property sector, energy prices, interest rates, COVID policy and the ongoing trade war between the world’s biggest … Continue reading “Steel Rebar Futures Lowest in Two Years Impacted by China’s Dynamic Zero-COVID Policy”

BHP Quarterly Iron Ore Output Higher with Continued Ramp Up at South Flank Mine

Australian mining giant BHP said on Wednesday its quarterly iron ore output rose, aided by a continued ramp-up at its South Flank project. BHP continues in sync to replace diminishing iron ore output from its existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined earlier this year. Production in the September quarter has stayed high while at the same time spot prices … Continue reading “BHP Quarterly Iron Ore Output Higher with Continued Ramp Up at South Flank Mine”

Australia Current Account Surplus Twelfth Straight in Q1 2022 but Lowest Since Q4 2019

Australia posted a current account surplus that missed expectations of $13.2 billion significantly for the March quarter after it decreased by $5.7 billion to $7.5 billion (seasonally adjusted) in the March quarter. Import volumes far outstripped exports which took a slice out of economic growth. Higher dividend payments to non-residents as profits continued to rise on the back of higher commodity prices affected the deficit, “The current surplus narrowed for the third consecutive quarter and was the lowest since December … Continue reading “Australia Current Account Surplus Twelfth Straight in Q1 2022 but Lowest Since Q4 2019”

Australia October Trade Surplus AUD+11.22bn With Exports Lower on Iron Ore Prices

Australia posted a trade surplus of A$11.22 billion in October exceeding expectations for a surplus of A$11.0 billion. It was the smallest trade surplus since May, amid softening global demand as more countries battled with a resurgence of coronavirus infections. Follows a downwardly revised A$11.82 billion trade surplus in September (from A$12.243 billion). Exports fell 3.0% m/m or A$1.491 billion to A$43.053 billion. Goods were down 3.0% and services fell 6.0% Imports also slipped 3.0 percent on month or A$887 … Continue reading “Australia October Trade Surplus AUD+11.22bn With Exports Lower on Iron Ore Prices”

Rio Tinto Lowers 2021 Iron Ore Shipments Forecast on Tight Western Australian Labor Market

Australian mining giant Rio Tinto Group (RIO) on Friday reduced its 2021 Pilbara iron ore shipments forecast as the COVID lockdowns, Supply crunch were further hampered by a tighter labour market in Western Australia. These have all led to a delay of the completion of a new greenfield mine at Gudai-Darri.

Bloomberg Commodity Spot Index Soars To Record Highs With Food and Energy Crisis

A key guage of Commodities prices which tracks 23 energy, metals and crop futures contracts continued to surge higher over record highs set in 2011. Incredibly since hitting a four-year low in March 2020 the index has surged more than 90%.

Iron Ore The World’s Most Volatile Commodity and Not About To Slow Down

Iron ore has been a clear leader from the early days of the raw materials rally. It is also the most volatile. Volatility is fed by the ongoing trade war between the world’s biggest producer of iron ore, Australia and one of the biggest users, China.

Production Starts at BHP South Flank Mine with Iron Ore at Record Highs

Australian mining giant BHP is in sync to replace diminishing iron ore output from it’s existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined this month.  South Flank is the biggest iron ore mine developed in Australia in over 50 years and comes at a time where Iron Ore prices are at a record high. A timely boost for not just BHP … Continue reading “Production Starts at BHP South Flank Mine with Iron Ore at Record Highs”

BHP Writes Down Australian Thermal Coal Mine $1.6 Billion

BHP continues to write down its fossil fuel assets cutting up to $1.6 billion from the value of its Mt Arthur thermal coal mine in the Hunter Valley. BHP sold its U.S. shale assets to Britain’s oil major BP for $10.5 billion in 2018 selling off “non-core and we are actively pursuing options to exit these assets for value”. BHP is Australia’s largest miner at it’s shareholders meeting it will writedown its Mt Arthur coal mine in the Hunter Valley … Continue reading “BHP Writes Down Australian Thermal Coal Mine $1.6 Billion”