Morgans describes the overall second quarter operational result as consistent. The analyst highlights the strength of iron ore spot prices is supplying a substantial earnings tailwind and an impressive dividend profile. Target price is $40.55.
Read MoreMarking to markets for December quarter commodity prices causes Credit Suisse to lift its FY21 earnings 3%. All major catalysts except for commodity prices remain unchanged and the broker retains its $40 target. Outperform.
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Shares in BHP remained at their current near record levels yesterday after it released an encouraging six-month sales and production report that saw the company ride the boom in commodity prices nicely.
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A big week for the local market – not for the earnings results – but for the production and sales data from two of the world’s mining majors and iron ore giants – Rio Tinto and BHP.
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BHP and Vale have just restarted their Samarco pellet joint venture, five years after a tailing dam collapsed sparked a major tragedy in 2015.
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Strong demand from Chinese steel mills and renewed supply concerns about Brazil saw iron ore prices urge to new highs on Monday.
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The iron ore price so far in December is up 21.65% and looks very much in a boom and that will, if past history is any guide, end in tears and a big slide. The sharp rise in prices has triggered a moan from China’s steel industry.
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Global iron ore prices surged to new multi-year highs well above $US150 a tonne on Thursday after a tropical low in the Indian Ocean triggered moves to clear Port Hedland of vessels and send them to sea.
Read MoreAnother surge in iron ore prices Wednesday saw new multi-year highs reached. Global iron ore prices topped $US150 a tonne for 62% Fe fines for the first time in nearly 8 years on Wednesday, while the price of 65% high-grade ore went well over $US162 a tonne.
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Global iron ore prices rose again on Monday, hitting new multi-year highs, despite another fall in import volumes into China in November.
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Iron ore prices are up 56% in the year to date – compared with around 24% for copper – its 2020’s best performing commodity and incoming supplies remain tight while steel output continues to rise on strong infrastructure demand.
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As predicted in yesterday’s edition, Wednesday’s surge in world iron ore prices to seven-year highs saw the prices of Australia’s major miners jump sharply on Thursday.
Read MoreIron ore prices have hit new seven-year highs on emerging fears of a shortage in early 2020. The fears were sparked by the surprise move by big Brazilian exporter, Vale, to trim its 2020 production estimate for a third time this year and set a smaller than expected first estimate for 2021 output.
Read MoreSo will BHP find a buyer for its 50% stake in the Bass Strait oil and gas joint venture after Exxon Mobil called off its sale process because of a lack of serious buyers? Meanwhile, Treasury Wine Estates is expected to release an update today on the impact of China’s doubling of duties and taxes on Treasury’s wine exports.
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Anton Tagliaferro and Daniel Moore analyse the fundamentals of Amcor, Brambles and Orica and seek to provide an objective insight into the ‘blue sky’ being factored into Afterpay’s share price.
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A remarkable 31% lift in iron ore fines production by Vale, the huge Brazilian miner, has signalled what could be the start of a downturn in global iron ore prices in 2021. In fact, if Vale continues boosting supply this quarter, pressure on prices will emerge in November and December.
Read MoreBHP says it has made a solid start to 2020-21 with a solid lift in iron ore production in the September quarter and sales of 73.5 million tonnes at a time when the price remained above $US120 a tonne for 62% Fe fines delivered to northern China.
Read MoreMining giant BHP has shelved long-held plans for a $3.5 billion expansion of its Olympic Dam mine in South Australia because of the improving outlook for the recently discovered Oak Dam copper and gold deposit nearby in outback South Australia.
Read MoreAt a time when it is seeking to exit its thermal coal and some of its LNG interests, BHP is increasing its bet on the future of oil, paying $700 million to lift its stake in a large oil and gas field in the Gulf of Mexico.
Read MoreIron ore exports to China recovered in August, but were still far short of the record 46.2 million tonnes shipped from Port Hedland in June, the Pilbara Ports Authority reported on Tuesday.
Read MoreBHP has trimmed its sales heading into 2020-21 thanks to the weak global economy, uncertain recovery, the continuing blight of COVID-19 and a restructuring of its minerals portfolio to be done.
Read MoreJuly’s slump in Australian iron ore exports to China from the world’s largest export port at Port Hedland has passed without too much comment, so was it a one-off or was it something deeper?
Read MoreAfter a solid (if expected) end to FY20, FY21 guidance across most divisions was lower than expected by Credit Suisse. For some cases like petroleum and met coal, this can be explained by a tough market backdrop, explains the broker.
Read MoreBHP has reported its biggest-ever quarterly output of iron ore from its Western Australian mines, but while its copper business was ok, the oil and gas division fell short of expectations thanks to the impact of coronavirus pandemic cutting demand.
Read MoreIn what is now probably the largest single portfolio investment in an Australian company, Norway’s sovereign wealth fund has emerged as the owner of 5.1% of BHP Plc’s shares.
Read MoreIron ore exports hit record levels in the June quarter and in the year to June, according to figures from the Pilbara Ports Authority. That performance helped total iron ore exports for the year to June from the two major ports – Port Hedland and Dampier jump 3% to a record 717.3 million tonnes.
Read MoreThe gradual recovery in global economies coupled with curtailed supply are likely to be supportive of Australia’s iron ore prices in the coming months, writes Luke Smith, Portfolio Manager for Ausbil Investment Management.
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As we move toward the close of a stunning financial year (for most companies), the sharemarket is bracing for a shocking reporting season. James Dunn takes a closer look at what we can expect.
Read MoreThe steel-making ingredient that burst out of the blocks with the onset of the China boom during the early 2000s, has defied the sceptics and generated an earnings bonanza for the mining heavyweights that dominate the industry. Gavin Wendt digs into the dynamics driving the iron ore price.
Read MoreIn news that will further rattle global iron ore prices, the office that enforces labour laws in Brazil’s Para state is stepping up an investigation into potential shortcomings in the way mining giant Vale has protected its workers from the coronavirus.
Read MoreGlobal iron ore prices have surged by nearly 5% on news that Vale, the big Brazilian miner, had been forced to shut three mines in its southern mining complex because COVID-19 infections were spreading.
Read MoreGlobal iron ore prices have topped the $US100 a tonne level for the first time in 10 months on growing concerns over supplies from Brazil as the COVID-19 pandemic grows in the iron ore producing regions in the north and south of the country.
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With negative rhetoric surrounding Australia’s trade relationship with China, what is the outlook for Australia’s iron ore miners?
Read MoreGlobal iron ore prices have leapt a surprisingly strong 5% as doubts re-emerged about the security of Brazilian iron ore supplies in the wake of the continuing spread of COVID-19 across that country.
Read MoreCredit Suisse suspects a V-shaped recovery is unlikely without a 2009-type stimulus from China to underpin commodity markets. Base metal forecasts have been reduced out to 2022.
Read MoreBHP’s share price has lagged its peers; however, Airlie Funds Management thinks the miner’s balance sheet, commodity exposures and reinvestment options make it a compelling investment proposition judged on the way COVID-19 has barely impeded the company.
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Scott Kelly, Manager of the DNR Capital Australian Equities Income Portfolio, provides an update on his firm’s outlook for dividends in the Australian equity market.
Read MoreIgnore what was a solid third-quarter production update from BHP and instead look at the warning issued by the company’s CEO about future demand from major customer economies.
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OZ Minerals says it has so far avoided the impact of the COVID-19 pandemic but has loaded up its liquidity. Meanwhile, BHP and its partners have revealed that their huge Antamina copper-zinc mine in the Peruvian Andes has been temporarily closed.
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In more normal times – and nothing is normal at the moment – low oil prices benefit the global economy and stocks such as manufacturers and transport companies. Tim Boreham outlines those Australian companies which stand to benefit from significantly lower energy prices.
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