Whilst the spot price has reduced somewhat to what should be considered more realistic prices, the slide in the AUD$ should give some boost to TTY income.
You'll note the current price of "62.5% Indian iron ore was offered at CNY 1000 per tonne at Tianjin Port " CNY 1000 per ton is US$146 and now AUD$227.
"Prices for steel and iron ore to drop further - MOC According to Ministry of Commerce prices for steel products and iron ore in domestic market have slumped, and are expected to drop further in a short term. Industry insiders forecast iron ore price is likely to return to a rational level.
Statistics from MOC show average price of iron ore in September end fell 12.4% from August to CNY 1200 per tonne. Prices in Hebei's Tangshan and Liaoning's Chaoyang lost 11.3% and 15.2% respectively from a month earlier. Besides, diving freight rates knock down iron ore price at ports. 62.5% Indian iron ore was offered at CNY 1000 per tonne at Tianjin Port on September 26th down 23.1% compared with August end."
TTY Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
