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Freight rates get a boost from Brucutu mine restart
Market sentiment for Capesize rates saw an improvement after Vale’s announcement to restart Brucutu mine, bringing back around 30 million mt per year of iron ore to the market.
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FIS Daily Ferrous Report
Iron Ore Physical Trades and Major Indicators – Miners traded PBF in May Index + $2.1, while port trades volume went down significantly, Tianjin PBF down 13 yuan. – FMG FY C1 cost per wmt $13 to $13.50. Fortescue narrows iron ore shipments slightly on cyclone impact , FY iron ore shipments 165 million tonnes…
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Positive tone but rising production, trade keep oil gains in check
The fundamental backdrop for oil prices remains broadly positive amidst tighter global supply for the current term said traders. Prices have been supported this year by an agreement reached by OPEC and its allies, including Russia, to limit their oil output by 1.2 million bpd. Global supply has also been tightened further by U.S. sanctions…
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FIS Major Bulks Update
Iron Ore – BHP has cut its iron ore guidance by 6-8m tonnes to the target of 265-270m tonnes for 2019, citing adverse weather as the cause. The reduced guidance is below UBS expectation of 273m tonnes for this year, as the miner did not sustain any major damage from the recent Cyclone Veronica. However, BHP…
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FIS Daily Ferrous Report
Iron Ore Physical Trades and Major Indicators – Vale confirms judicial decision to have part of Brucutu dams reopened, according to a statement on its website. Vale reaffirms its previously announced 307m t – 332m tonnes of iron and pellet sales guidance and informs that the current estimate is that sales will be around the center of…
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FIS Daily Ferrous Report
After a rangebound last few sessions and 12 up days on the DCE , the iron ore complex saw some heavy selling today. This is likely profit taking and position flattening ahead of Chinese data tomorrow (out 10am tomorrow – Investment in Fixed Asset, Industrial Production, Retail Sales, GDP, Property Investment) and some possible environmental…
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Easter bunnies and ‘the case for $100 oil’
Having seen a clickbait article on ‘the case for $100 oil, we’re pretty sure it’s not the case for $100 that needs to be argued. It’s just a subjective opinion based on projected points supported by a manipulated market. The first cracks in the OPEC cut agreement are showing in public after Russia hinted it…
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FIS DAILY FERROUS REPORT
A lacklustre start to the week with very little trading in the opening session as the market digested the release of the weekly port stock data from China. Real swaps interests entered late morning into the afternoon session as the market ticked up chasing the DCE to the high of 657 before leaking into close.…
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Mixed market for Capesizes
Higher freight derivatives rates were seen in the week, thanks to the anticipation of fresh cargoes in the Western Australia to Qingdao route, South Africa and Brazil.
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FIS Weekly Steel Review
Iron ore – Supply tightness of iron ore market is expected to ease at the start of next week, due to the more loading and shipments from Port Hedland after Cyclone Veronica. So far, there has been lots of enquiries for Carajas fines that resulted in high paper trading of Fe65% contracts this week. Meanwhile,…
