Money Iron ore tumbles as tariff deadline looms

07:31  06 july  2018
07:31  06 july  2018 Source:   businessinsider.com.au

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  Australia's Fortescue Metals appeals to regulator on Rinehart-Atlas Iron bid The Australian Government Takeover Panel said on Tuesday it received an application from a unit of iron ore miner Fortescue Metals Group (FMG.AX) regarding an offer by a Hancock Prospecting Pty unit for Atlas Iron Ltd (AGO.AX). NCZ Investments Pty, a Fortescue unit, seeks interim orders to restrain Gina Rinehart controlled-Redstone Corp Pty from dispatching its bidder's statement, the panel said.The unit is also seeking to stop Hancock Prospecting and Redstone from buying any more Atlas shares until further disclosure is provided.

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A heavy earth mover in action at the BHP Billiton Iron Ore mine at Newman in Western Australia.© AP Photo/BHP Billiton A heavy earth mover in action at the BHP Billiton Iron Ore mine at Newman in Western Australia. Iron ore has fallen to a fresh multi-month low.

According to Metal Bulletin, the spot price for benchmark 62% fines tumbled 1.7% to $63.14 a tonne, coming within a whisker of hitting a seven-month low.

It currently sits at the lowest level since March 28.

a close up of a map© Provided by Business Insider Inc The moves across higher and lower grades were more muted than in the benchmark.

The price of 58% fines slipped 0.3% to $37.05 a tonne. In contrast, 65% fines was unmoved, holding steady at $91.60 a tonne.

The flat-to-lower outcomes came despite strength in Chinese steel futures during the session.

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  Australia's Atlas backs Rinehart's $287 mln takeover bid Australian iron ore miner Atlas Iron (AGO.AX) said on Friday its board unanimously recommended a A$390 million ($287 million) takeover bid from Australian billionaire Gina Rinehart's Hancock Prospecting.Hancock's Redstone Corp launched an unconditional all-cash bid for the iron ore miner last week, trouncing an earlier A$280.2 million scrip offer in April from Mineral Resources (MIN.

If China responds with its own tariffs , as expected, it will join other countries that have also retaliated, bringing the total value of affected American exports to approximately billion by the end of the week.

Just hours ahead of a self-imposed midnight deadline , President Donald Trump met with senior officials at 4 p.m., still debating a range of issues including whether to exempt the European Union from the penalties. Trump tariff decision looms , setting up a global nail biter.

Rebar futures in Shanghai finished at 3,788 yuan, up from Wednesday's night session close of 3,753 yuan.

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AUD/USD is stuck in a range, tariff deadline looms . Iron ore prices to drop to $ 60/ ton - NAB.

In anticipation of tariffs that may be levied on solar cell and module imports, foreign solar manufacturers doubled what they shipped to the US in November 2017 compared to November 2016.

On Wednesday, China’s government announced that it will continue to shutter outdated and excess steel capacity from this year through to 2020 as part of its anti-pollution plan, helping to underpin steel prices.

As many as 82 cities will be targeted as part of the plan, up from 28 currently.

Despite potentially limiting demand for steel's raw ingredients, iron ore, coking coal and coke contracts all recovered from early losses to close marginally higher for the session.

The September 2018 iron ore contract finished trade at 456.50 yuan having fallen to as low as 452 yuan earlier in the day. It closed Wednesday's night session at 455 yuan.

Coking coal and coke futures also reversed earlier losses, finishing trade at 1,150.50 yuan and 2,012 yuan respectively, up from 1,139.5 yuan and 2,004 yuan on Wednesday evening.

As seen in the scoreboard below, there was very change on those closing levels in overnight trade.

SHFE Rebar¥3,786,0.32%
DCE Iron Ore¥458.50,0.66%
DCE Coking Coal¥1,148.00,0.39%
DCE Coke¥2,010.00,0.00%

Chinese commodity futures will reopen at 11am AEST, three hours before proposed US tariffs on $US34 billion worth of Chinese imports are due to kick in. The tariffs will eventually be extended to $US50 billion worth of imports.

China has promised to retaliate by implementing the same amount of tariffs on US imports.

US President Donald Trump has pledged to announce additional tariffs on $US200 billion worth of Chinese imports should China retaliate, and potentially $US200 billion more should China respond to that move.

It's going to be not only an interesting day ahead, but period ahead, for markets.

Iron ore catches a bid as steel prices surge again .
Iron ore prices rose on Thursday, supported by continued strength in steel prices and an improvement in investor risk appetite. Analysts suggest steel prices are being supported by both supply and demand factors at present.According to Metal Bulletin, the price for benchmark 62% fines jumped 1.1% to $64.06 a tonne, the largest increase since June 26.

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