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Daily Iron Ore Price, Commodities and Precious Metals Update - October 2014
Topic Started: 3 Oct 2014, 10:08 AM (14,637 Views)
newjez
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TheTruth
31 Oct 2014, 10:25 PM
By how much is there over supply? Are stockpiles rising or falling?
You tell me.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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CBA Commodities Daily Alert 31-Oct-14

Posted Image

Bank of Japan ramps up stimulus

The Bank of Japan ramped up its quantitative stimulus programme,
announcing the buy up of up to 80t yen of government bonds each
year, from an earlier 60-70t yen. The move bolstered equity markets
and weakened the yen. Ongoing depreciation in the yen relative to
other major exporting economies like China threatens to export
deflationary forces to the global economy via trade linkages.

Base metals ended mixed with aluminium and zinc closing higher
while copper and tin ended lower on the day – the former after
workers at Freeport McMoRan’s giant Grasberg mine in Indonesia
cancelled earlier plans to strike. Precious metals ended ~2% lower
on the day as the Bank of Japan stimulus strengthened the US dollar,
and as US consumer sentiment in October came in at its highest
level in seven years. Crude oil benchmarks slipped thanks to the
stronger US dollar, while the iron ore price ended 0.3% lower at
USD79.59/t ahead of the APEC conference in Beijing next week.

Chugoku Electric of Japan will restart its two 500MW coal-fired
power generators at its Shin-Onoda power station after a coal
conveyer belt fire in August closed operations.
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Quote:
 
Chinese rebar slips, sector revival seen unlikely as winter looms

Fri Oct 31, 2014 1:33pm IST
By David Stanway

BEIJING, Oct 31 (Reuters) - Shanghai rebar futures were pegged back again on
Friday with still no obvious signs that China's struggling steel sector will
regain any lost ground in the weeks to come, especially as demand starts to slow
in the last two months of the year.
The most traded rebar contract on the Shanghai Futures Exchange
ended the day at 2,565 yuan per tonne, down 1.16 percent and shedding some of
the gains made over the last two days.
The most active iron ore contract on the Dalian Commodity Exchange
edged down 0.37 percent to end the week at 532 yuan per tonne.
The market appears to have already factored in any possible supply cuts as a
result of measures aimed at reducing smog during the Asia Pacific Economic
Cooperation summit in Beijing next month.
Mills have also been adjusting their production schedules to make sure
disruptions are minimised.
October is normally a strong month for the steel sector in China, but a
combination of weakening economic growth and massive industrial overcapacity has
driven product prices down to multi-year lows. Buyers remain cautious about
making any big iron ore purchases.
Benchmark 62 percent iron ore for immediate delivery into China
.IO62-CNI=SI rose 0.5 percent overnight on Thursday to $79 per tonne,
rebounding after five consecutive daily declines.
Traders said they expect prices to remain more or less the same for the rest
of the year, having barely changed in October. The Steel Index benchmark
fluctuated between a high of $83.1 and a low of $78.6 during the month.
Once hopeful for stimulus, the sector has generally come to terms with the
idea that there is still more painful restructuring to come, as Beijing
continues to press local governments to tackle pollution and overcapacity.
The government of Hebei, China's biggest steel producing province, said on
Thursday it had already closed 12 million tonnes of iron smelting and 9.77
million tonnes of steel production capacity in the first 10 months of the year.

China's biggest listed steel company, the Shanghai-based Baoshan Iron and
Steel Corp (Baosteel), announced on Thursday that its net profit
rose 7.9 percent to 5 billion yuan in the first three quarters of the year.
However, at an online session with shareholders on Friday, President Dai
Zhihao maintained a downbeat assessment of the sector, saying the company
expected steel prices to remain at a low level next year, especially as
oversupply in the iron ore sector worsens.
As for iron ore prices, Dai said they were "still looking for their bottom".
Rebar and iron ore prices at 0801 GMT

Read more: http://in.reuters.com/article/2014/10/31/markets-ironore-idINL4N0SQ5PQ20141031
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Perthite
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Another miner goes down.

https://au.news.yahoo.com/thewest/business/a/25421243/second-blow-for-pluton
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Chinese rebar, iron futures inch down as econ data disappoints

Mon Nov 3, 2014 12:52pm IST
By David Stanway

BEIJING, Nov 3 (Reuters) - Shanghai rebar futures fell on
Monday, with the market disappointed by factory data and no
longer expecting a steel supply glut to improve as a result of
output cuts imposed during a major international summit in
Beijing.
China has ordered hundreds of industrial facilities near
Beijing to shut from Nov. 1-12 in a bid to cut smog during the
Asia-Pacific Economic Cooperation (APEC) summit, but the impact
of the closures on a severely oversupplied market appears to be
limited.
"There is an impact on rolling mills, and therefore steel
products, but the restrictions aren't having any effect on blast
furnace operations," said a trader based in the major steel
producing city of Tangshan, part of which falls in one of the
"pollution control zones" established during APEC.
"With most steel products diverted to export markets these
days, it isn't going to affect the domestic market much. And
there is no change to iron ore, which is still slow," he said.
The most traded rebar contract on the Shanghai Futures
Exchange ended the morning session at 2,561 yuan ($419)
per tonne, down 0.6 percent.
The most active iron ore contract on the Dalian Commodity
Exchange dipped 1.1 percent to end the morning at 526
yuan per tonne.
There is little sign of any improvement in the country's
overall economic growth outlook, with China's official
Purchasing Managers' Index (PMI) dropping to a five-month low in
October.
China's PMI for the iron and steel sector rose to 46 points
in October, up 2.4 points on the month but still under the
50-point level that divides growth from contraction, according
to data cited by the official Xinhua news agency on Sunday.

Benchmark 62 percent iron ore for immediate delivery into
China .IO62-CNI=SI dipped 0.6 percent on Friday to $78.50 per
tonne. With no positive news to encourage stockpiling, it is
edging closer to the five-year low of $77.50 set in late
September.

Read more: http://in.reuters.com/article/2014/11/03/markets-ironore-idINL4N0ST17T20141103
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