The Port Hedland Port Authority has released its June shipping figures and the numbers are a little bit of surprise to me. Total shipments fell 7% to 33.6 million tonnes (mt).
In aggregate terms, China accounted for much of the fall but its share still rebounded strongly because other nation’s demand fell faster.
There is no obvious reason for this. The main users of the port are BHP, FMG and AGO and nameplate production is higher than this. Indeed, shipments were higher in March, before peak output was reached. AGO has been laying off staff but has said nothing about winding down output. It only ships a little over 10mt per annum anyway.
The likely conclusion is that either one or all of the miner’s are rationing stock to protect the price. That may seem sensible but also risks missing volume targets. Quarterly production and sales reports just got more interesting.
Shorter month.
On a daily basis, June shipments to China were higher, averaging 973,000 tonnes a day versus 965,000 in May.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
I see BHP has waved the white flag on prices. Expecting them to fall away from here over the long term.
tbh I was surprised. I would have thought the current prices were about right. I was expecting it to bounce a little. But if 90 is the new normal, it will be interesting them re write the WA state budget. What else can they cut?
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
tbh I was surprised. I would have thought the current prices were about right. I was expecting it to bounce a little. But if 90 is the new normal, it will be interesting them re write the WA state budget. What else can they cut?
tbh I was surprised. I would have thought the current prices were about right. I was expecting it to bounce a little. But if 90 is the new normal, it will be interesting them re write the WA state budget. What else can they cut?
They just went for a massive grab for cash with traffic fines.
Tampering with number plates or covering plates as to avoid identification was previously an offence which had no fine.
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