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Wednesday, 10 October 2018

Now iron ore is at $100/tonne


With coking coal already having enjoyed a bonanza at $200/tonne and the lower dollar boosting export prices, now it's the turn of iron ore to go on a surge on the expectation of Chinese stimulus measures.

The spot price jumped 2.5 per cent to $71.14/dry tonne (62% Fe Fines) during today's trade.

That's the highest spot price close since March 15, for a 7-month high. 

And with the Aussie dollar down at 71 US cents, this puts the price in Aussie dollar terms back above $100/tonne...something we haven't been able to say for a long while. 

With LNG exports also smoking records by the month here are further signs that we're heading for an income boom, ultimately to be translated through into wages growth.