According to the latest data coming out of China, the country's import of iron ore has risen in the month of October by about 3% from the same period last year. The total import of iron ore is set to exceed $1 billion although on the calendar year basis, up to October the iron ore import from Australia is tracking around 9% less from the previous year. However with price of iron ore up significantly, value of imports from Australia is expected to track higher which is indeed good news for Australia. Price of 62% FE which was about USD 46 per ton in October last year is currently tracking at USD 71 per ton. It appears that the commodity prices have definitely rebounded but whether it is sustainable at this level with global growth data still pretty soft is debatable.
MARKET DATA
| Australia Cash rate Australia 90 day bank bill Australia 10 y bond US 10y Govt bond AUD/USD AUD/EUR AUD/JPY AUD/CNY ASX 200 S&P 500 Dow Jones Industrial Average Shanghai Composite Brent Oil (USD per BBL) Gold Spot (USD per oz) Iron Ore | As at 25-Nov 1.50 1.76 2.71 2.36 0.7431 0.7030 84.29 5.1385 5,507 2,213 19,152 3,261 47.24 1,183 71.81 | As at 18-Nov 1.50 1.76 2.72 2.35 0.7394 0.6971 81.74 5.0945 5,359 2,181 18,867 3,192 46.86 1,207 70.20 |
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