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Iron Ore

Australia's Iron Ore Miners Hang Tough as Prices Fall

By James Regan, Reuters If Australian miners are worried about the dramatic decline in iron ore prices, it doesn't show. At an annual gathering of many of the world's biggest and smallest iron ore producers here the mood is upbeat - as if the heftiest one-day fall in ore prices since the global financial crisis never happened. "Iron ore mining isn't tennis, it's a contact sport," said David Flanagan, chairman of Atlas Iron Ltd. "Sometimes it hurts a bit, like you copped it in the stomach. We just get on with it." Iron ore for immediate delivery to China slumped 8 percent on Monday after data showed China's trade balance swung into deficit, amplifying concerns about a slowdown in the world's No. 2 economy and the biggest importer of the steel-making ingredient. Iron ore is down 22 percent so far this year to $104.70 a tonne, triggering comparisons with a slump in 2012 to below $90 that shuttered many mines and left producers rethinking expansion plans. Australia is expected to ship more than half a billion tonnes of iron ore to China in 2013. Like most Australian producers, Atlas is still in the black, putting its total costs of getting iron ore into China at A$70 to A$75 a tonne ($63 to $68 a tonne). "I'm just not fussed over what's gone on in the market this week," said Wayne Richards, executive chairman of Tawana Resources, which is digging an iron ore mine in Liberia.


China's Qingdao Port Probing Iron Ore Financing Fraud

China's Qingdao port said on Wednesday it is investigating whether iron ore warehouse receipts were fraudulently used multiple times to raise finance from different banks, Xinhua news agency reported. The probe is focussed on one trader with iron ore receipts, the Chinese news agency said. It follows a broad investigation earlier this year by Chinese authorities into the use of iron ore as collateral in financing deals.


SKorean Shipbuilders Lower on Steel Price Concerns

Shares of shipbuilders and automakers were lower in late morning trading as investors react belatedly to the possible increase in steel prices, reports indicated Hyundai Heavy Industries was down 4,500 won or 1.2 percent at 380,000 won, Samsung Heavy Industries was off 600 won or 1.9 percent to 30,400 won and Daewoo Shipbuilding & Marine Engineering fell 300 won or 0.8 percent to 39,300 won. Hyundai Motor was down 1,300 won or 1.9 percent at 67,600 won and Kia Motors down 50 won or 0


China's Demand Slows, BDI Index Unlikely to Jump

According to a London report issued Aug. 14, dry bulk freight rate index climbed by 2.5% on Friday at Baltic Mercantile and Shipping Exchange, a moderate rise for two consecutive days. Royal Bank of Scotland (RBS) indicated in its report that China's bulk commodity import will slow down, and that China's bulk material import is predicted to drop from record high and slacken afterwards, according to Financial Times, Aug. 17.


JFE’s Ship Unit Targets Orders for Five Vessels

JFE Holdings Inc.’s shipbuilding unit is reportedly aiming to win orders for as many as five iron ore carriers, according to a report on www.businessweek.com. Iron-ore carriers including Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd. are expanding dry-bulk fleets to tap demand for the steelmaking material. Exports of the ore from Australia, the world’s largest shipper, are forecast to rise at an average annual rate of 7 percent to 2015


Iron-Ore Ship Rates Rise as China Spends

Iron-Ore carrier daily rates rebound as China spends US$158-billion. Iron-ore ships are poised to earn more than operating costs for the first time this year as rates rally on speculation Chinese steel mills will accelerate imports because of a 1 trillion-yuan ($158 billion) building program, reports Bloomberg Business News. Capesizes, each carrying 160,000 metric tons of ore, will earn $12,500 a day in the fourth quarter


Largest New Shipping Order

China's largest private shipbuilder has signed this year’s biggest deal in terms of dead weight tons, according to the company. Jiangsu Rongsheng Heavy Industries Group signed a contract Friday with Oman Shipping to build four iron ore carriers, each with a dead weight of 400,000 tons. The deal is the second largest for the company after a contract for 12 iron ore carriers was inked with Brazilian mining giant Vale last August


BHP Iron Ore Mines Resume Operation

Reuters reported that BHP Billiton’s Australian iron ore mines have recommenced work at full operation following a cyclone that battered coastal regions and closed major shipping terminals this week. “Port Hedland, the world's biggest iron ore terminal and used by BHP to export nearly 200 million metric tons of the steel-making material annually, sustained only minor damage from Cyclone Christine and reopened late on Tuesday,” Reuters said.


Baltic Freight Index up on Higher Dry Bulk Activity

Reuters - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 19 points to 1,562. The Baltic's capesize index rose 43 points or 1.4 percent to 3,023 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal


Ice Damage Repairs Hurts Lakes Cargo Totals

With three of the largest U.S.-flag lakers out of service for a combined 65 days in May to repair damage suffered in the heavy ice in March and April, cargo movement in U.S. hulls fell nearly 5 percent compared to a year ago. Shipments totaled 9.6 million tons. Had the three 1,000-footers been in operation the whole month, they would have carried another 600,000 tons and the fleet would have registered a small increase over May 2013.


China Seeks to Build Shipping Railways in Brazil

Brazil hopes that during a visit by Chinese President Xi Jinping it can boost ties with its biggest trade partner beyond the exchange of commodities for manufactured goods, but that may be wishful thinking. Accords China will sign with Brazil when Xi meets with President Dilma Rousseff on


China, Brazil Close Plane, Finance, Infrastructure Deals

China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and


St. Lawrence Seaway June Cargo Upswing at U.S. Ports

Laker bulk carrier: Image credit AGLPA

U.S. ports throughout the Great Lakes uniformly saw increased tonnage in several cargo categories during the monthof June 2014, according to news excerpted from The American Great Lakes Ports Association (AGLPA). "Salt, chemicals, and steel all posted excellent tonnage numbers through June


Algoma Christens Equinox-class Laker on Arrival

Laker Algoma Harvester: Photo Algoma Central

Algoma Central Corporation announces the arrival in Canada and the christening of its second Equinox Class bulk cargo vessel, the 'Algoma Harvester'. The christening took place at Pier 26 South in Hamilton Harbour before an audience that included local dignitaries and members of the marine industry


Mother Nature Can’t End Dredging Crisis

There has been a lot of speculation of late that the gargantuan ice fields covering the Lakes this winter will, when they finally melt, raise water levels significantly and ships will carry more cargo each trip.  That is, frankly, very far from certain.


MOL (America) Inc. Announces May 2014 KPI Results

 MOL (America) Inc. announces the May 2014 results of its Regional Key Performance Indicators (KPI) in the following categories:  operations, customer service, and electronic data interchange (EDI).  The results are available on a monthly basis and posted in greater detail at www


Brazil Soy Exports Fall, Sugar Rises

Brazil's exports of coffee, iron ore and soybeans eased in June while shipments of raw sugar picked up last month, monthly data from the trade ministry showed on Tuesday. Brazil exported 6.9 million tonnes of soybeans in June versus 7.6 million tonnes in May.


Capesize Bulker Over-supply in Asia Trade: Rate Slide Forecast

Capesize Bulker: Image CCL

Rates for capesize bulk carriers on key Asian routes are set to slide next week as too many ships chase too few cargoes from Australia and Brazil, brokers said. There are around 32 capesize ships in ballast and currently available for charter


MMX Board Approves Lease, Possible Sale of Corumba Iron Ore Mine

Brazil's MMX said late Wednesday it approved the lease and possible sale of its Corumba, high-grade iron ore unit, part of efforts to raise cash and restructure the troubled mining company controlled by Brazilian tycoon Eike Batista. The Rio de Janeiro-based company


India's JSW Raises Iron Ore Imports

JSW Steel, led by billionaire Sajjan Jindal and India's third-largest maker of the alloy, will import 6 million metric tons of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home. JSW's return to the sea-borne iron ore market after a gap of


Lakes Iron Ore Trade Down 17% at Midyear

M/V Buffalo (Photo courtesy of American Steamship Company)

The Lake Carriers' Association reported that iron ore shipments on the Great Lakes total 19.2 million tons through the end of June, a 17 percent decrease from a year ago and the trade’s long-term average. Higher water levels have not been able to offset the interminable delays suffered


Lakes Water Levels Return, but Not Full Loads

photo courtesy of the Port of Cleveland

The rise in Great Lakes water levels has yet to translate into full loads for the U.S.-flag freighters moving iron ore, coal, limestone, cement and other cargos.  Vessels continue to routinely leave port with less than a full load on board.


US House Asks for Lakes Dredge Funds Increase

Mike Kelly

The U.S. House of Representatives has sent another clear signal that it is committed to ending the dredging crisis on the Great Lakes, introducing an amendment to the Energy & Water Appropriations bill that mandates that the Great Lakes Navigation System gets the 10 percent of increased


US-flag Lakers’ Cargo Total Trails 2013 by 17%

lca logo.jpg

U.S.-flag cargo movement on the Great Lakes stands at 27 million tons through the end of June, a decrease of 17.4 percent compared to the same point in 2013.  The brutal winter of 2013/2014 is the overriding factor behind the decrease.  Vessels lost significant time due to the heavy ice


India May Appeal Parts of WTO Steel Ruling

India said on Tuesday it may appeal against parts of a World Trade Organization ruling against countervailing U.S. duties on some of its steel exports, despite being partly vindicated in a trade dispute. States impose countervailing duties, or punitively high import tariffs






 
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