All of the ore miners are up this morning despite sharp falls across the iron ore complex prices on Friday and more falls in early Chinese rebar futures trade this morning.
The performance could be in anticipation of China’s Flash PM or, more likely, it is the path of Cyclone Rusty, which is headed for a direct hit upon Port Hedland. From the BOM:
The system has been upgraded to a Category 2 cyclone this morning and is expected to become Category 3 before landfall. ANZ reports that:
The port begun anchorage evacuation yesterday and suspended all inbound shipping ahead of the destructive weather system, which forecasters have warned could develop into a category 3 cyclone. A weaker category 1 system which passed the Pilbara in January forced the shutdown of all three iron ore export terminals in the region, contributing to a 9% drop in exports for the month and a 5.2% rise in spot prices.
Not sure how that adds up to rising stock prices but there you have it! Just don’t mention the volumes.
