By Warwick Grigor from Far East Capital:
http://www.fareastcapital.com.au/imagesDB/newsletter/WeeklyComm5December2020.pdf
Iron ore prices keep getting better!
The Metals and Mining Index surged on Thursday with the news that Vale had cut its 2020 production guidance from 310-330 tonnes to 300-305 tonnes for 2020. This caused the iron ore price to jump to US$136.75 pt, the highest level or six years. Share prices of the big three producers, BHP, Fortescue and RIO, all surged to new highs.
China is the big buyer of our iron ore, getting 60% of its requirements from Australia. I wonder how long the Federal Government will take to use China’s dependency on our iron ore as a bargaining chip to counter the Chinese discrimination against our barley, coal and wine exporters, though it has to be careful not to cut off its nose despite its face.
Australia is not a communist country and our government would be reluctant to politicise our most successful, privately owned export sector by pursuing nationalistic policies, but something needs to be done to counter the hypocrisy in Chinese trade policy.
Ann: Presentation to Global Iron Ore and Steel Conference, page-8
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