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***SWAPS REPORT: Steel price sentiment pushes up prices and volumes on OTC market

September 02, 2010 - 18:54 GMT Location: London

KEYWORDS: OTC iron ore swaps , iron ore derivatives , iron ore futures , iron ore market , iron ore , Metal Bulletin

Over-the-counter iron ore swaps traded higher on Thursday as more volumes were exchanged for a number of prompts, brokers told MB.

Sep $135/141 Oct $133/140 Q4 $131/135 Q1 $127/132 2011 $125/126 value (no bids/offers) Over-the-counter iron ore swaps traded higher on Thursday as more volumes were exchanged for a number of prompts, brokers told MB. The market opened up higher and the volumes exchanged increased significantly from Tuesday and Wednesday. Swaps tied to deliveries in September traded three times:...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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Iron Ore & Coking Coal

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Comment & analysis

COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.
COMMENT: Keep calm and carry on?

The decision of the Indonesian government last week to uphold the ore export ban and taxes from May 6 has failed to calm the nervous market. So far, both producers and buyers have displayed an impressive tolerance level to the export uncertainty. But how long will their patience last?