This is why you dont believe the journos:
http://www.smh.com.au/business/markets-live/markets-live-mining-stocks-bloodbath-20130415-2huiz.html
:49pm: More bad news for miners:
Rio Tinto and BHP Billiton are expected to post softer iron ore and coal shipment reports after a series of cyclones hit northern Australia earlier this year.
Rio Tinto releases its March quarter production report tomorrow and BHP is scheduled to report on Wednesday.
Analysts expect a hefty drop in iron ore shipments during the quarter after ports in the Pilbara region closed in early 2013 as cyclones Narelle and Rusty ripped through the north-west of Australia.
UBS analysts say Rio’s Pilbara iron ore production for the March quarter will be 58.2 million tonnes, down seven per cent on the previous quarter due to bad weather.
They predict BHP Billiton’s quarterly iron ore shipments will drop two per cent to 39.5 million tonnes on the previous quarter.
Read more: http://www.smh.com.au/business/markets-live/markets-live-mining-stocks-bloodbath-20130415-2huiz.html#ixzz2QVMe3plV
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wait! wait!
I thought there was going to be a glut and that was bad news??
Now there will be a reduction in shiptments but ~$140 IO and that is also bad news?
Never trust the journos and ANALysts.
This is why you dont believe the...
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