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SWAPS REPORT: OTC iron ore prices edge down $1-2

February 10, 2012 - 15:04 GMT Location: London

KEYWORDS: iron ore , prices , swaps , OTC , volumes

The OTC iron ore market was characterised by ‘scrappy trade’ on Friday February 10, with prices edging down within established ranges and interest concentrating on nearby contract settlement dates, brokers told Metal Bulletin.

Forward curve (from two brokers): Feb $142/143 Mar $136/140 April $137/140 Q1 2012 $136/140 Q2 2012 $137/140 Q3 2012 $133/135 Q4 2012 $129/134 2012 $134.50/135.50 2013 $122.50/123.50 2014 $113.50/115 The OTC iron ore market was characterised by ‘scrappy trade’ on Friday February 10, with prices edging down within established ranges and interest concentrating on nearby contract...

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Iron Ore & Coking Coal

May 24, 2012 18:27 Usiminas sticks to 29m tpy iron ore target
May 24, 2012 17:15 IRON ORE DERIVATIVES WRAP: Volumes fall as index edges up
May 24, 2012 15:28 MMTC extends iron ore contracts with Japan, South Korea mills
May 24, 2012 12:44 Bellzone’s first Forecariah ore shipment not expected until Q3
May 24, 2012 12:42 Severstal resources division sales down 9% in Q1

Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
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.