Yesterday Fortescue Metals Group announced to the market that US$500 million worth of debt had been wiped off their balance sheet.
This morning, BlueScope Steel [ASX:BSL] shares opened up 10.2%, to $6.46 per share. The Aussie steelmaker has continued their strong start to the year.
An economy that loses 9,300 full time jobs, but gains 20,200 part time jobs, probably isn’t an economy that’s experiencing real growth and prosperity.
Is this the cosmos saying that the government’s new budget is in tatters already? As far as signs go, it looks like a pretty obvious one to me.
Last night’s mining stocks dip in London trade was the result of many factors — the first being iron ore. Iron ore traded down 5.7%, to US$54.99 a tonne.
The iron ore price soared on Monday. The metal jumped by 3.6%, trading above US$60 a tonne. Last night, iron ore experienced another small rally, up 4.1% to US$62.85. Yesterday’s rally gives iron ore a 44% gain for the year.
Last night iron ore gained 4.6%, reaching US$59.22 ton. A five-week high for the commodity. We still need to understand how this will affect BHP Billiton [ASX:BHP] and determine if Australia’s biggest miner is a good place to put your money.
China’s excess steel production should be a worry for all first world steel production plants. It makes it that much harder for them to compete. But it doesn’t look like improving anytime soon. Given the strategic nature of steel making, I smell a trade war coming on…
The current activity in the steel industry is bad news for BHP Billiton. Chinese steel consumption is not improving. They already have an oversupply of steel, so why would they increase their iron ore imports?
The World Bank released their outlook for commodities at the start of this year. In their report, the World Bank reduced their iron ore forecast to US$39.