Iron ore futures surged more than 10% and copper extended its record run amid increasing bets they’ll be among the biggest winners from a commodities boom that’s stoking concerns about inflation around the world.
While analysts struggled to pinpoint a trigger for Monday’s gains in iron ore, they cited several trends including optimism that central banks will retain supportive policies even as the global economy recovers. Expectations China will tighten environmental rules have added to the bull case for copper – seen as vital to the green energy transition – and fueled speculation that steelmakers may front-load iron ore purchases before new curbs kick in.
(Bloomberg)
China plans to allow some stranded Australian coal shipments to unload despite ongoing curbs on imports, a move aimed at showing goodwill to countries with seafarers stuck on the vessels, a person familiar with the situation said.
The measure doesn’t mean China is loosening its ban on Australian coal imports and it’s uncertain if the deliveries will be cleared by customs, said the person, who asked not to be identified because the information is private.
Some ships may be allowed to change crews when they unload, an action that’ll help seafarers from nations including India who’ve been stranded at sea for months, said the person. China’s customs administration didn’t immediately respond to a fax seeking comment and Foreign Ministry spokesman Wang Wenbin told a daily briefing on Monday that he wasn’t aware of the situation.
By Aaron Clark, Annie Lee and Kevin Varley (Bloomberg)
After loading up with coal the DZ Weihai slipped into the turquoise waters off the coast of Australia this month and began a 14-day voyage to the southern Chinese port of Yangpu. How long the ship waits to discharge its cargo upon arrival is anyone’s guess.
Despite a Chinese ban on coal imports from Australia that’s left about 70 ships, 1,400 seafarers and 6.4 million tons of the fuel in offshore limbo, some vessels continue to make the voyage. While the stranded cargoes and crew are trapped between authorities who won’t let them unload and buyers who won’t let them leave, perhaps most curious of all is what is driving additional shipments.
By Aaron Clark, Kevin Varley and Ann Koh (Bloomberg)
Seafarers stuck for months on vessels carrying Australian coal off China’s coast are trapped between authorities who won’t let them unload their cargoes and buyers who won’t let them leave.
Worsening relations between Beijing and Canberra have stranded 74 vessels, about 8.1 million tons of coal, and an estimated 1,480 mariners off Chinese ports, according to an analysis of shipping data by Bloomberg. The original charterer of two of the vessels wants them to sail somewhere else to relieve the exhausted seafarers, but so far the traders who own the cargo won’t agree.