Starting to see action in iron ore following the new year slowdown. Two examples below. Still, Greece and the shorters are controlling day to day prices, but that won't last forever.
Reuters:
By Manolo Serapio Jr
SINGAPORE, Feb 3 (Reuters) - Iron ore edged up to more
than two-month highs and offer prices remained firm on Friday,reflecting efforts by some Chinese mills to gradually build stockpiles.
Chinese buyers slowly returned to the spot market this week after last week's Lunar New Year holiday, with many waiting for prices to stabilise before booking cargoes.
And from Macquarie on Friday:
? In bulk commodities, we recently reiterated our call that a need for high cost Chinese
domestic material to balance the market will see iron ore prices average above US$150/t through
2016 (well above consensus), and remains a great way to play returning confidence in Chinese
growth.
? FMG provides pure play, growing exposure to this dynamic, as it continues to optimise shipment
rates - FMG shipped at an annualised 59mtpa in the most recent quarter - at the same time as
advancing its expansion to 155mtpa rapidly. Key components of FMG's expansion are already in
place, including a second shiploader and third berth, with others under construction and targeted
for completion during CY12, including a second processing plant at Christmas Creek,
rail duplication and additional train unloaders at Port Hedland.
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