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Iron ore prices

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Markcoinoz

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Rio Tinto Nailed it...Now its BHP's turn......

Excellent for the near term producers.

For the full story follow the link.

http://www.abc.net.au/news/stories/2008/06/23/2283498.htm?section=justin


Rio Tinto plans huge iron ore price hike

Posted 6 minutes ago

Mining group Rio Tinto says it has agreed to a near doubling of the price of its iron ore sales to Chinese steel maker Baosteel.

Prices are to increase by 80-97 per cent depending on the category of iron ore, which is a vital raw material used to make steel.


Under this agreement, Rio will sell Pilbara Blend Fines/Yandicoogina Fines to Baosteel for 152.22 cents per dry metric tonne unit.

Pilbara Blend Lump will cost 212.23 cents per dry metric tonne unit.


Cheers markcoinoz
 
well the war drums are beating and ships and rifle barrels don't do well in aluminum , so iron will still have some demand but the buyers may change
 

Prices & Chart​


Contract
Contract Month

107.70

(-1.14/-1.05%)

Bid107.65
Ask107.75
Open108.10
High108.25
Low106.75
Prev Day Settle108.84

WeekMonth1 Year

As at 16 Jul 2024 10:59 AM
 
I smell a rat here, if you go into Bunnings or a steel merchant, steel is ridiculously expensive, it's got to be almost double what it cost about 5 years ago.
 
TimeISmoney said:
I smell a rat here, if you go into Bunnings or a steel merchant, steel is ridiculously expensive, it's got to be almost double what it cost about 5 years ago.
Click to expand...
Below is a chart of steel prices from China in Yuan for the past 5 years.
It is about half of what its peak was in 2021.
Even allowing for increased freight costs, the falling Yaun/Renmimbi, its at least 40% lower in AUD terms.
I spent about 10 minutes looking for a mild steel price chart in AUD , but couldn't find one.
The charts listed at Australian Steel are likewise in prices for other countries.
However, I suspect the steel merchants are doing a nice little earner on it.
Mick
.
 
Retailers must have bumped the price up after Covid and left it there.



 
Iron Ore in USD pricing a whisker of 20 month lows today . Worse looking tbh . GS IO forecasts looking on the money





 
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