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***SWAPS REPORT: Levels on OTC market fluctuate with small volumes exchanged

September 03, 2010 - 17:01 GMT Location: London

KEYWORDS: iron ore swaps , iron ore forwards , iron ore derivatives , iron ore market , iron ore , Metal Bulletin

Over-the-counter iron ore swaps traded in an up and down day on Friday with levels starting off high and falling in the afternoon, brokers told MB.

Forward Curve: Sep $136/142 Oct $134.5/139 Q4 $132/136 Q1 $129/133 Over-the-counter iron ore swaps traded in an up and down day on Friday with levels starting off high and falling in the afternoon, brokers told MB. One swap tied to fourth quarter delivery was the first prompt to trade in the morning at...

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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.
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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?