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Globe and Mail
6 hours ago
- Business
- Globe and Mail
2 High-Dividend Stocks Smart Investors Can Buy in June
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Reuters
a day ago
- Business
- Reuters
Iron ore pessimism subsides despite looming Simandou supply
SINGAPORE, May 30 (Reuters) - The prospects for iron ore prices are improving thanks to a lower than expected global surplus this year, analysts and traders say, though looming new supply from the giant Simandou project in Guinea remains a long-term downside risk for prices. Analysts and traders have cut their oversupply forecasts for this year to between 20 million and 30 million metric tons, from 50 million tons earlier this year, according to more than a dozen interviews at the flagship Singapore International Ferrous Week conference this week. That is because demand has been surprisingly resilient so far this year thanks to robust steel exports as buyers stocked up amid signs of an escalating global trade war, while cyclones disrupted supply in major producer Australia. In the first four months of 2025, China's iron ore imports slid 5.5% year-on-year while its crude steel output ticked up 0.4%, official data showed. Iron ore prices have held well above $90 per ton, below which high-cost miners struggle to break even, despite trade tensions between the world's top two economies that have fueled concerns about the outlook for steel demand. That has led analysts and traders to revise up their bearish-case pricing scenarios to between $80 and $85 per ton versus $75 or lower at the start of the year. Medium term demand for iron ore should remain firm because China's young fleet of blast furnaces will require iron ore for at least another decade, said analysts. "There won't be any big reduction in the number of blast furnaces in China by 2035 from the perspective of the life cycle of the currently running equipment, meaning that iron ore procurement will hover at a relatively high level," Long Hongming, a professor from Anhui University of Technology, told the conference on Tuesday. Simandou, one of the world's largest high-grade iron ore mines, will start shipping ore in November, and its entry into the global market is expected to aggravate the supply glut starting 2026. However, the increasingly hostile attitude of Guinea's military government, which recently cancelled 129 minerals exploration permits and is locked in a standoff with Emirates Global Aluminium, raised concerns among traders, miners, analysts and steel mills at the conference in Singapore. Participants questioned whether the government's activist stance could affect how smoothly the project will be able to ramp up to its full production of 120 million tons a year. Simandou is a joint venture between Rio Tinto ( opens new tab, the world's largest iron ore miner, and Chinese companies including China Baowu, the world's largest steelmaker by output.
Reuters
2 days ago
- Business
- Reuters
Kenyan shilling firms slightly as remittances help
NAIROBI, May 30 (Reuters) - Kenya's shilling strengthened slightly on Friday, helped by dollar inflows from remittances although the gains were limited by increased foreign-currency demand from general goods importers, traders said. At 0639 GMT commercial banks quoted the shilling at 128.80/129.30 per dollar, compared with Thursday's closing rate of 129.00/129.50.
Bloomberg
2 days ago
- Business
- Bloomberg
Australian Retail Sales Unexpectedly Fall, More RBA Cuts Seen
Australian retail sales unexpectedly fell in April after three months of gains, led by a decline in clothing purchases and prompting traders to bring forward expectations for a third interest rate cut this year. Sales dropped 0.1% in April from a month earlier, compared with a forecast 0.3% increase, figures from the Australian Bureau of Statistics showed Friday. The decline caps a week of dour economic data including private capital investment which fell in the first quarter against economist expectations for a gain, and construction work done which was flat, again confounding estimates for a rise.
Bloomberg
2 days ago
- Business
- Bloomberg
Treasuries Climb as Signs of US Slowdown Back Bets for Fed Cuts
US Treasuries rose after data revealed the world's top economy shrank at the start of the year, reinforcing bets the Federal Reserve will lower interest rates twice by early 2026. The advance in US government debt on Thursday helped drag yields slightly lower on the day after the latest revisions of first-quarter gross domestic product showed growth was restrained by weaker consumer spending. Traders kept their wagers that the Fed will next cut rates in October, pricing in 55 basis points of easing by next January.
