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Tuesday, March 19, 7:33 AM Rio Tinto (RIO) is downgraded to Conviction Sell at Goldman, which notes the company's overwhelming dependence on iron ore prices. "We see minimal free cash flow and significant earnings declines if the company goes ahead with the Pilbara 360 project in a declining iron ore price environment." Shares -3.2% premarket. BHP -1.8%. Earlier: Goldman cuts its iron ore price forecast. 7 Comments [Commodities, On the Move]
Friday, January 11, 7:43 AM Downgrades fly on the big Australian miners with both Rio Tinto and BHP Billiton downgraded to Hold at Macquarie, and BHP downgraded to Hold at BAML. RIO -2.3%, BHP -2.2% premarket. Comment! [Global & FX, Commodities, On the Move]
Thursday, December 27, 2012, 7:31 AM A 56% Q4 rally in iron ore prices has some declaring China back and the bear market in the key mineral over. The price at China's Tianjin port has reached $135.40/ton, well more than double the average cost of production in Brazil (VALE) and Australia (BHP, RIO). 5 Comments [Global & FX, Commodities]
Tuesday, October 9, 2012, 8:39 PM BHP Billiton returns to the Australian bond market for the first time in 11 years, selling $1.02B in 5-year notes. Unconcerned with the reversal in Oz's mining boom, investors bid for about twice the amount of paper offered, and the issue was priced at a lower yield than what higher-rated Aussie banks must pay. Comment! [Commodities, Global & FX]
Thursday, September 27, 2012, 3:48 PM Speaking of the cure for low prices, it's estimated 40% of China's iron ore mines have suspended operations as the mineral's low price has them losing money. Good enough, but the pain is apparently not yet great enough for VALE which says it will continue forging ahead to increase ore output. Earlier: Baosteel shutters a steel plant. 4 Comments [Commodities]
Tuesday, September 4, 2012, 7:33 AM Australia's Fortescue joins rivals BHP and RIO in announcing slashed capital spending plans amidst sliding demand and pricing for iron ore. The move comes just days after the company's CEO said all was well in the business and the company expected to triple production within a year. Shares fell 4.2% in Sydney. 1 Comment [Global & FX]
Thursday, August 30, 2012, 8:25 AM Particularly thumped overnight was Sydney, it's 1% fall led by the miners as the decline in iron ore prices turns into a plunge, adding to concerns the country's resources boom has come to a close. Fortescue's (typically promotional) CEO Nev Porter begs to differ: "We've been selling everything we can produce," he says. Yes, but at what price? EWA -1% premarket. 3 Comments [Global & FX]
Wednesday, August 29, 2012, 8:17 AM "Watching this market is like watching the Titanic," writes a commodity broker of iron ore, off another 7% today to just $90/ton. The plunge will put to the test to the theory (also hopefully put forth in today's Joy Global earnings release) that Chinese ore production will come to a halt below $120/ton. Since when has oversupply/low prices caused the Chinese to cut back? 2 Comments [Global & FX, Commodities, U.S. Economy]
Monday, August 27, 2012, 7:46 AM BHP continues to play defense, selling its Australian uranium assets to Cameco (CCJ) for $430M. "We can't pursue all of the growth operations that are before us," says a BHP spokesman. Cameco, on the other hand, has a more optimistic outlook for uranium in the wake of Fukushima than does BHP. (PR) 1 Comment [Commodities, M&A]
Friday, August 24, 2012, 11:37 AM Bookmark this chart of iron ore prices, as it's becoming one of the more widely-followed global indicators. They've fallen another 1.9% today to just $100/ton, well below the line-in-the-sand price of $120 - the level at which Chinese producers would supposedly stop producing. 6 Comments [Commodities, Global & FX, U.S. Economy]
Friday, August 17, 2012, 3:57 PM Saskatchewan's economy minister expects BHP Billiton (BHP -0.2%) to proceed with construction of its potash mine, and does not expect BHP to replicate Vale's (VALE) delay of its own project in the Canadian province. BHP’s mine at Jansen would be the world’s largest potash mine, capable of producing 8M metric tons annually, but analysts have suggested BHP is weighing a delay. Comment! [Commodities]
Friday, August 3, 2012, 7:23 AM BHP Billiton (BHP) CEO Marius Kloppers decides to skip this year's bonus payment after the company wrote down $3B of its nickel and shale gas assets. Shares of BHP +1.9% premarket after the large impairment charge in the U.S. and Australia. Comment! [Energy]
Thursday, August 2, 2012, 7:28 AM BHP Billiton is set to postpone a $20B port expansion plan in Australia, according to a memo from the company's iron ore chief: The resources industry is "facing numerous challenges including substantial capital and operating cost escalation and decreasing commodity prices." Mining contractors in Perth have reportedly already started laying off workers. Comment! [Global & FX, Commodities]
Monday, July 30, 2012, 4:01 PM The price of iron ore catches with Shanghai rebar prices, falling below the $120/ton mark. $120 has importance as it's thought to be the level below which Chinese miners will stop producing the stuff, and hopefully - for companies like BPH, RIO, and VALE - bring about a rebound in the price. (see also) Comment! [Global & FX, Commodities]
Sunday, July 29, 2012, 9:49 PM "The period of huge cash flows from very high commodity prices will be coming to an end," says Australian Foundation Investment CEO Ross Barker, urging miners it owns like BHP and RIO to cut back on planned investments. His comments come amid reports BHP is going to delay for two years moving forward with its $33B Olympic Dam project. (see also) 3 Comments [Global & FX, Commodities]
Wednesday, July 25, 2012, 8:22 AM Iron ore prices are set to fall even further, says Nomura's Matthew Cross, as they catch up with the steep decline in Shanghai rebar prices. The last time rebar was this cheap, iron ore was about 15% lower, he says. Watch $120/ton - a possible floor for iron ore as this is the level at which Chinese producers have in the past begun to slash production. Comment! [Global & FX, Commodities]

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