Vale SA

Most Recent

  • Why Rio Tinto has key advantages over its peers
    Basic Materials

    Why Rio Tinto has key advantages over its peers

    Rio is the largest owner and operator of autonomous—driverless—trucks in the world. These initiatives are part of Rio’s “Mine of the Future” program.

    By Anuradha Garg
  • Mining Nickel
    Investments & Deals

    U.S. Government Invests in Nickel Mining in $25 Million Deal

    By Kori Williams
  • Basic Materials

    Must-know: Is the share buyback the right thing to do?

    Cliffs Natural Resources’ (CLF) new management changed the terms of its debt agreement to repurchase the company’s shares. The shares are worth up to $200 million.

    By Anuradha Garg
  • uploads///Aggregate financing
    Basic Materials

    How China’s Credit Growth Could Progress in 2018

    Aggregate financing in China (MCHI) came in at 1.6 trillion yuan in November 2017.

    By Anuradha Garg
  • uploads///Productivity
    Basic Materials

    Why BHP focuses on productivity

    Under equipment, the focus is on increasing availability, utilization, and rate. A 6% increase in utilization helped achieve a 9% increase in group production in FY14.

    By Anuradha Garg
  • uploads///China interest rates
    Basic Materials

    How does Chinese credit easing help iron ore names?

    The immediate impact of Chinese credit easing was seen as China’s iron ore and rebar futures posted their strongest gains in three weeks.

    By Anuradha Garg
  • uploads///Industrial output
    Basic Materials

    China’s industrial output growth slows in November

    FAI is a good indicator of how much investment occurs in a country or region. It’s a closely watched indicator of construction activity in China.

    By Anuradha Garg
  • uploads///China crude steel production
    Macroeconomic Analysis

    China’s Crude Steel Production Impacts Iron Ore Miners Like Vale

    Since 98% of mined iron ore goes into making steel, it’s important to track steel production. China consumes two-thirds of seaborne iron ore.

    By Anuradha Garg
  • uploads///Japan imports
    Macroeconomic Analysis

    Japanese iron ore imports were flat year-over-year in 2014

    Japan accounts for 10%–13% of the seaborne market, so Japanese iron ore imports are another good indicator of demand.

    By Anuradha Garg
  • Basic Materials

    Why is the market reacting?

    Market analysts have started turning bearish on Cliffs Natural Resources (CLF). There are many downgrades. The target price has been revised down in recent weeks.

    By Anuradha Garg
  • Basic Materials

    Why the demerger of non-core assets makes sense for BHP

    BHP had been contemplating whether to sell the non-core assets or go for a demerger. Finally, the company decided in favor of a demerger on August 15. The proposed company will likely have assets in the range of $12–$20 billion.

    By Anuradha Garg
  • uploads///FCF Estimates
    Basic Materials

    Factors That Could Cause an Upside to CLF’s Free Cash Flow in 2017

    Cleveland-Cliffs’ management noted during its 4Q16 earnings call that it is expecting to generate FCF of $550 million in 2017.

    By Anuradha Garg
  • uploads///ana abad  unsplash
    Company & Industry Overviews

    Why Vale’s Iron Ore Margins Should Remain Supported

    In this series, we’ll see how Vale is planning to deal with the current volatile commodity price environment.

    By Anuradha Garg
  • uploads///Quarterly production
    Macroeconomic Analysis

    What Does the Current Supply Outlook Mean for Iron Ore Prices?

    The weak demand from China is hurting iron ore prices. The supply side, on the other hand, remains quite strong.

    By Anuradha Garg
  • Basic Materials

    Why did the Cliff’s share price rally?

    Iron ore prices are down 19% year-over-year (or YoY) and coal prices are down 30% YoY—volumes were also down YoY, but the stock rallied 7% in a single trading session the next day of the earnings call and up 3% the subsequent trading day.

    By Anuradha Garg
  • Financials

    Why Brazil’s central bank is making a hawkish move on the Selic

    On October 29, the central bank’s monetary policy committee in Brazil raised the benchmark Selic interest rate by 25 basis points to 11.25%. The increase was an attempt to fight inflation.

    By Surbhi Jain
  • uploads///Analysts forecasts
    Macroeconomic Analysis

    Why Goldman and Macquarie Don’t Think Iron Ore Rally Will Last

    Goldman Sachs (GS) has warned the Markets that iron ore prices will slump below $40 per ton as supply growth outpaces demand.

    By Anuradha Garg
  • Macroeconomic Analysis

    How Consumer Staples Saved the Aberdeen Latin American Equity Fund Class A in September 2015

    The Aberdeen Latin American Equity Fund Class A fell by 6.3% in September from August. But between September and October 28, the fund has risen by 6.0%.

    By David Ashworth
  • Basic Materials

    Must-know: Why Brazilian iron ore exports fell 9% in August

    Brazilian exports show how much volume is shipped out of Brazilian ports to China and the rest of the world. Along with exports from Port Hedland, Australia, this is an important supply side indicator.

    By Anuradha Garg
  • uploads///Steel prices
    Miscellaneous

    China’s Steel Prices Might Have Started Giving Up: More Downside?

    One of the most dominant factors driving iron ore’s price rally is rising steel production and the resulting increase in steel prices in China (FXI).

    By Anuradha Garg
  • uploads///Chinas Industrial Production in November
    Miscellaneous

    China Moves from Manufacturing to Consumption: Impact on Iron Ore

    Over the past few months, we’ve seen that China (MCHI) (ASHR) is transitioning from a manufacturing-based to consumption-based economy.

    By Anuradha Garg
  • uploads///China steel production
    Macroeconomic Analysis

    China’s Steel Production Outlook Pressures Iron Ore Prices

    According to the China Iron and Steel Association, China’s 2015 crude steel output could decline by as much as 2%. This estimate is lower than CISA’s March estimate of a 1.1% decline.

    By Anuradha Garg
  • uploads///Estimates_iron oreprices
    Miscellaneous

    Why Analysts Have Mixed Views on Iron Ore Prices

    Goldman Sachs (GS) is notably still quite bearish on iron ore. The bank cited the recent string of shipment data from Australia to support its view.

    By Anuradha Garg
  • uploads///aluminum pemiums
    Earnings Report

    Lower Aluminum Prices Dint Alcoa’s 1Q 2015 Earnings

    Alcoa prices its aluminum with a 15-day lag to LME aluminum prices. Its 1Q earnings lost $84 million due to a decline in aluminum prices.

    By Mohit Oberoi, CFA
  • uploads///Iron ore companies performance
    Macroeconomic Analysis

    It’s Hard to Be Positive on Long-Term Iron Ore Price Fundamentals

    Vale SA will cut the high-cost iron ore production from its Southern and Southeastern systems by 25 million–30 million tons per year. Its 2015 iron ore guidance production is unchanged at 340 million tons.

    By Anuradha Garg
  • uploads///VALE_Estimates
    Miscellaneous

    Understanding S11D’s Impact on Vale’s Earnings Estimates for 2017

    Vale’s total volumes should see a significant boost from iron ore volumes as its S11D project starts commercial production.

    By Anuradha Garg
  • uploads///Iron ore supply
    Macroeconomic Analysis

    Roy Hill Has the Potential to Push Iron Ore Prices Further Down

    Australia’s billionaire Gina Rinehart’s $10 billion Roy Hill iron ore project expects to start shipping iron ore to world markets starting in October 2015.

    By Anuradha Garg
  • uploads///Valuation
    Miscellaneous

    What is Driving the Valuation for Iron Ore Miners?

    Valuation multiple The EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple is a widely used relative valuation multiple for capital-intensive industries such as metals and mining. It takes into account a company’s capital structure. By using this multiple, we can compare companies’ valuations. Miners’ EV-to-EBITDA Vale (VALE) has a forward EV-to-EBITDA multiple […]

    By Anuradha Garg
  • uploads///China Steel production
    Miscellaneous

    Understanding China’s Monthly Record in Steel Production

    In April, China’s steel production surpassed the previous monthly record of 72 million achieved in March 2017 by producing 72.78 million tons.

    By Anuradha Garg
  • uploads///Companies performance
    Macroeconomic Analysis

    Why the Outlook on Iron Ore Is Still Negative

    Major iron ore producers are further reducing costs to weather the current market downturn.

    By Anuradha Garg
  • uploads///EUROPE
    Macroeconomic Analysis

    Latest European Economic Data Points to Recovery

    The latest European economic data point to a recovery. However, there are still several sectors, such as housing, where demand is weak.

    By Mohit Oberoi, CFA
  • uploads///S
    Company & Industry Overviews

    Health Care and Utilities Sectors: Best Performers on November 29

    The health care sector rose 0.65% on November 29. Alexion Pharm (ALXN) (+5.2%) and Centene (CNC) (+3.9%) are the top performers.

    By Val Kensington
  • uploads///Brazil top exports
    Macroeconomic Analysis

    Are Commodities a Boon or a Bane for Brazil?

    Brazil (EWZ) is rich in commodities. It’s among the top producers and exporters of iron ore, crude petroleum, soybeans, sugar, and meat.

    By Surbhi Jain
  • uploads///china PMI
    Earnings Report

    Global Turmoil Continues to Weigh on Freeport-McMoRan

    Metal shares bear the brunt whenever there’s a global turmoil in the markets. China’s slowdown could continue to weigh heavily on metal companies like Freeport.

    By Mohit Oberoi, CFA
  • uploads///Aggregate financing
    Miscellaneous

    Will Iron Ore Prices Benefit from China’s Credit Growth Prospects?

    China’s aggregate financing stood at ~3.7 trillion Chinese yuan in January 2017, as compared to 1.6 trillion yuan in December 2016.

    By Anuradha Garg
  • uploads///Cost cutting
    Earnings Report

    How Will Cliffs Natural Resources’ Costs Progress in 2017?

    In 4Q16, Cliffs’ cash costs of goods sold for APIO was $36.4 per ton, or 8% higher YoY.

    By Anuradha Garg
  • uploads///Iron ore prices
    Miscellaneous

    Seaborne Iron Ore Prices Look Firm, Supporting Cliffs

    For the first time in two years, in November, iron ore prices crossed the $80 per ton level, and YTD gains for the steel-making commodity have reached 82%.

    By Anuradha Garg
  • uploads///Valuation
    Miscellaneous

    Which Iron Ore Miners Currently Look Undervalued or Overvalued?

    Rio Tinto has received a boost due to its recent announcement regarding $5 billion of additional free cash flow generation through productivity improvements.

    By Anuradha Garg
  • uploads///Debt
    Basic Materials

    What Rio Tinto’s Balance Sheet Means for Future Growth

    Rio Tinto’s (RIO) net debt at the end of 1H17 was $7.6 billion, compared with $12.9 billion at the end of 1H16 and $9.6 billion at the end of December 2016.

    By Anuradha Garg
  • uploads///APIO Volumes
    Earnings Report

    Cliffs’ Asia-Pacific: Will Strong Seaborne Iron Ore Prices Lead to Mine-Extension?

    Seaborne iron ore prices have held firm in 2016 and 2017 YTD, despite market participants calling for a downturn.

    By Anuradha Garg
  • uploads///Intro
    Miscellaneous

    Here’s What’s Driving Iron Ore Prices through the Roof

    Iron ore prices reached a six-month high of $62.7 per ton on October 26, 2016, bringing the YTD (year-to-date) gains for the commodity to an impressive 46%.

    By Anuradha Garg
  • uploads///Analysts estimates
    Company & Industry Overviews

    What Are Analysts Recommending for Cliffs Natural Resources?

    Of the analysts covering Cliffs, one analyst has a “buy” recommendation, eight have “hold” recommendations, and six have “sell” recommendations.

    By Anuradha Garg
  • uploads///Balance sheet
    Earnings Report

    BHP’s Balance Sheet: The 2017 Outlook

    BHP’s net debt was $20.1 billion at the end of December 2016, as compared to $26.1 billion on June 30, 2016.

    By Anuradha Garg
  • uploads///Brazils trade balance
    Macroeconomic Analysis

    Falling Commodity Prices Impact Brazil’s Trade Balance

    Commodity-rich Brazil happens to be one of the important emerging markets (EEM) of the world. However, declining commodity prices are impacting Brazil’s exports.

    By Surbhi Jain
  • uploads///Iron ore prices
    Earnings Report

    Inside BHP Billiton’s Iron Ore Price Concerns

    Iron ore prices were very strong in 2016 and have remained so year-to-date. Prices increased by more than 80% in 2016.

    By Anuradha Garg
  • uploads///GDP Growth Likely to be Postive in
    Macroeconomic Analysis

    Why IMF Slashed Brazil’s Economic Growth Outlook in 2017

    Economic activity in Brazil (EWZ) has been slow as it tries to emerge from its deep recession in 2016. But consumer and business confidence is improving.

    By Mary Sadler
  • uploads///Iron ore shipments
    Miscellaneous

    Inside the Strong Iron Ore Shipments in January

    In January 2017, 40.3 million tons of iron ore were exported from Port Hedland—an impressive rise of 19.0% YoY.

    By Anuradha Garg
  • uploads///europe PMI
    Macroeconomic Analysis

    Europe’s Manufacturing PMI Is Steady in April: Signals Recovery

    In April, the Eurozone’s PMI was 52—down from 52.2 in March. However, Europe’s manufacturing PMI held above 50 for almost two years.

    By Mohit Oberoi, CFA
  • uploads///Dividends
    Earnings Report

    Will BHP Billiton Borrow to Maintain Progressive Dividends in 2016?

    During its AGM on October 22, BHP highlighted its commitment to a strong, stable balance sheet, specifying that it won’t put its “A” credit rating at risk.

    By Anuradha Garg
  • uploads///Capacity Utilization
    Miscellaneous

    Do Steel Capacity Cuts in China Bode Well for Iron Ore Miners?

    China has been reeling under its overcapacity in the steel industry. In 2016, China planned to cut 45 million tons but wound up cutting 80 million tons.

    By Anuradha Garg
  • Basic Materials

    Why investors should know Cliffs’ outlook

    Cliffs Natural Resources (CLF) is mainly an iron ore producer. A small percentage of its revenue comes from metallurgical coal sales.

    By Anuradha Garg
  • uploads///Iron ore imports
    Miscellaneous

    What China’s High Iron Ore Imports Suggest

    China imported 92 million tons of iron ore in January 2017—a growth of 12.0% YoY and 3.4% month-over-month.

    By Anuradha Garg
  • uploads///China steel productio
    Miscellaneous

    Are China’s Steel Capacity Cuts for Real?

    China produced 808.4 million tons of steel in 2016 and 68.9 million tons of steel products in December 2016—a YoY 7.1% rise.

    By Anuradha Garg
  • uploads///Aggregate financing
    Miscellaneous

    Inside China’s Credit Growth Metrics in April

    By tracking credit growth in China, investors can gauge patterns that forecast future demand.

    By Anuradha Garg
  • uploads///Auto sales
    Miscellaneous

    Beneath the Sagging Auto Demand—And Its Impact on Iron Ore Prices

    Vehicle sales in China, including trucks and buses, fell 2.2% YoY (year-over-year) to 2.1 million in April 2017.

    By Anuradha Garg
  • uploads///Technical
    Basic Materials

    Is the Pullback in Iron Ore Miners Based on Technical Indicators?

    Among the stocks under review in this series, Vale SA (VALE) has given the highest trailing-three-month return of 36.4%, while Rio Tinto (RIO) has generated the lowest return of 15.4%.

    By Anuradha Garg
  • uploads///Iron ore
    Earnings Report

    This Could Lead BHP’s Cost-Reduction Efforts in Iron Ore

    Iron ore makes up 38% of BHP Billiton’s (BHP) revenues and 42% of its EBITDA.

    By Anuradha Garg
  • uploads///BHP and rio Tae
    Miscellaneous

    Why Rio Tinto Believes Iron Ore Prices Can Sustain

    According to Bloomberg, Rio Tinto CFO Chris Lynch has suggested that iron ore prices will not collapse, as many expect.

    By Anuradha Garg
  • uploads///part  copper
    Basic Materials

    How’s Chinese Copper Demand Looking in 2018?

    So far, China’s copper imports look strong in the year. Meanwhile, copper’s 2018 bullish theme is built around supply-side disruptions.

    By Mohit Oberoi, CFA
  • uploads///metal _
    Basic Materials

    Why Commodity Stocks Surged on April 18—All You Need to Know

    On April 18, commodity stocks saw their highest one-day gains in months. Iron ore, copper, and aluminum helped these stocks.

    By Anuradha Garg
  • uploads///Valuation
    Basic Materials

    Why these Iron Ore Miners Could Offer Valuation Upside

    Vale’s (VALE) is trading at a forward EV-to-EBITDA (earnings before, interest, tax, depreciation, and amortization) multiple of 6.4x, which reflects a discount of 5% to its last-five-year average multiple.

    By Anuradha Garg
  • uploads///Portfolio Composition of LatAm focused Mutual Funds
    Macroeconomic Analysis

    Latin America-Focused Mutual Funds: Outlook after September 2015

    The Latin America-focused mutual funds that have a lion’s share of their assets invested in companies from Mexico did better than those invested in Brazil.

    By David Ashworth
  • uploads///Vale
    Company & Industry Overviews

    Can Vale SA Reverse Its 2Q17 Performance in 2017?

    While Vale SA outperformed peers including Rio Tinto (RIO) and BHP Billiton by rising 24.7% in 1Q17, its performance deteriorated significantly in 2Q17.

    By Anuradha Garg
  • uploads///Port inventory
    Miscellaneous

    How Price Impacts Iron Ore Inventory

    China’s (MCHI) iron ore port inventory is a key indicator that reflects the commodity’s supply-and-demand balance.

    By Anuradha Garg
  • uploads///RIO_Estimates
    Miscellaneous

    Rio’s Earnings in 2017: What’s Impacting Its Estimates?

    Analysts are concerned about Rio Tinto’s (RIO) overexposure to iron ore. The commodity contributes ~70% of Rio’s EBITDA.

    By Anuradha Garg
  • uploads///Cost cutting
    Earnings Report

    How are Cliffs’s Cost-Cutting Initiatives Progressing?

    In 1Q15, Cliffs Natural Resources (CLF) embarked on various cost-cutting initiatives in order to increase its cash flow so it could navigate through the tough iron ore market conditions.

    By Anuradha Garg
  • uploads///CLF and iron ore price
    Earnings Report

    Cliffs’ Initiatives to Navigate through the Tough Iron Ore Market

    During 1Q15, Cliffs Natural Resources embarked on various initiatives to lower its costs and increase its cash flow to navigate through the iron ore market.

    By Anuradha Garg
  • uploads///Brazil Selic rate
    Macroeconomic Analysis

    Brazil’s SELIC Rate Rises to 14.25% yet Inflation Continues to Soar

    The Central Bank of Brazil has attempted to rein in inflation by raising Brazil’s key interest rate, also known as the SELIC rate.

    By Surbhi Jain
  • uploads///Valuation
    Earnings Report

    These Could Be Vale’s Key Valuation Catalysts in 2017

    Valuation multiple The EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple is a widely used relative valuation multiple for capital-intensive industries such as metals and mining. The metric takes into account a company’s capital structure. By using this multiple, we can compare companies’ valuations. EV-to-EBITDA Vale (VALE) has a forward EV-to-EBITDA multiple […]

    By Anuradha Garg
  • uploads///Valuatin
    Basic Materials

    Which Iron Ore Miners Can Offer Valuation Upsides in 2017 and Beyond?

    Vale SA (VALE) has a forward EV-to-EBITDA multiple of 6.1x, reflecting a 10% discount to its past five-year average multiple.

    By Anuradha Garg
  • uploads///Analyst reco
    Earnings Report

    Why Are Vale Analysts Are Feeling Upbeat?

    The word on Wall Street Among the analysts that track Vale (VALE), 30.0% have given the company “buy” recommendations, and 17.0% have given it “sell” recommendations. Vale’s target price is $9.67, which implies a downside potential of 16%. In the past year, its target price has risen 111%, with its share price staying firm due to […]

    By Anuradha Garg
  • Basic Materials

    Must-know: Rio production supply continues unabated

    Rio Tinto released its third-quarter production report on October 15. The company’s aggregate iron ore production increased by 12% year-over-year to 76.8 million tons.

    By Anuradha Garg
  • uploads///Iron ore
    Earnings Report

    How Vale Reacted to Higher Iron Ore Prices in 4Q16

    Iron ore price realization In 4Q16, Vale’s (VALE) ferrous division accounted for ~85.0% of its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization). The company’s EBITDA for ferrous minerals came in at $4.1 billion, which was $1.6 billion higher than 3Q16. Higher realized prices and higher sales volumes led to these rises. The CFR […]

    By Anuradha Garg
  • uploads///Valuation
    Earnings Report

    Should BHP Investors Expect a Valuation Upside?

    BHP is trading at a forward EV-to-EBITDA of 6.0x, which represents an 11% discount to its last five-year average multiple.

    By Anuradha Garg
  • uploads///Iron ore prod
    Earnings Report

    Assessing BHP Billiton’s Iron Ore Production Target in 1Q16

    BHP Billiton’s iron ore production for 1Q16 was 61 million tons, a growth of 7% year-over-year. It plans total production to increase by 6% in fiscal 2016.

    By Anuradha Garg
  • uploads///Simple portfolio
    Miscellaneous

    Analyzing How the Demerger Will Benefit BHP and South32

    BHP Billiton (BHP) chose the demerger approach after considering many alternatives to simplify its portfolio. It plans to focus on its core operations.

    By Anuradha Garg
  • Basic Materials

    Why are iron ore futures downward sloping?

    “Backwardation” occurs when futures contracts trade below the spot price, and the futures curve begins to downward slope. This means that the market expects further decline in iron ore prices based on current indicators and fundamentals.

    By Anuradha Garg
  • Macroeconomic Analysis

    Why the ProFunds UltraLatin America Inv Fund (UBPIX) Tanked in August 2015

    The ProFunds UltraLatin America (UBPIX) nose-dived by 19.4% in August 2015 from a month ago—the biggest fall among the eight funds we’ve analyzed in this series.

    By David Ashworth
  • uploads///graph _
    Basic Materials

    How Long Can Seaborne Iron Ore Volatility Haunt Cleveland Cliffs?

    Higher grade iron ore is showing strength on the back of higher Chinese steel futures.

    By Anuradha Garg
  • uploads///Auto sales
    Miscellaneous

    How China’s Auto Sales Impact Iron Ore Miners

    China’s (FXI) auto sales rose to 2.6 million in September 2016 from 2.1 million in August. These auto sales were 26% higher than the same period in 2015.

    By Anuradha Garg
  • uploads///GDP growth rate in Brazil
    Macroeconomic Analysis

    Brazil’s Inflation Continues to Soar While Growth Is Stagnant

    Brazil (EWZ) is in a state popularly known as “stagflation.” The economy is characterized by low growth, high unemployment levels, and a rising inflation rate.

    By Surbhi Jain
  • uploads///RIO_Estimares
    Company & Industry Overviews

    These Factors Hit Rio Tinto’s Earnings Most

    Rio Tinto returned to profitability in 2016 after a hard 2015. The company is now trying to sustain its margins in a low commodity price environment.

    By Anuradha Garg
  • uploads///inflation rate in brazil
    Macroeconomic Analysis

    Inflationary woes in Brazil continue despite rise in Selic rate

    Investors should watch inflationary woes in Brazil. For the week ended March 15, the IPC-S consumer price index was at 1.49 against an expected 1.42.

    By Surbhi Jain
  • uploads///Analyst Reco
    Company & Industry Overviews

    Gauging the Upside Potential for Iron Ore Stocks

    A major factor impacting mining companies’ revenues and earnings is commodity price—especially for iron ore—and analysts’ ratings take cues from prices.

    By Anuradha Garg
  • uploads///Intro
    Earnings Report

    Understanding BHP Billiton’s Earnings Beat in Fiscal 2H17

    BHP’s underlying net profit of $3.2 million was a solid improvement, as compared to the profit of $412 million in 4Q15.

    By Anuradha Garg
  • uploads///Valuation
    Company & Industry Overviews

    These Iron Ore Stocks Could Offer a Valuation Upside in 2017

    Vale has a forward EV-to-EBITDA multiple of 4.3x, which represents a discount of 37% compared with its past five-year average multiple.

    By Anuradha Garg
  • Financials

    Why has Brazil’s growth slowed in recent years?

    Brazil, a $2.5 trillion economy, is the seventh largest economy in the world. Brazil exports commodities such as iron ore, cotton, and coffee.

    By Mike Sonnenberg
  • uploads///Inventories
    Miscellaneous

    Iron Ore’s Record-High Inventories, and What It Could Mean for Prices

    Iron ore inventories at Chinese ports have risen 11% YTD in 2017. Port inventories stood at 127 million tons on February 10.

    By Anuradha Garg
  • uploads///Iron ore imports
    Miscellaneous

    What Led Robust Chinese Iron Ore Imports despite Contrary Views

    Contrary to what was suggested by many market participants, the iron ore imports by China increased in September 2016 instead of declining.

    By Anuradha Garg
  • uploads///eccdbbabcabeccb
    Fund Managers

    George Soros Is Bearish on Brazil, Russia, and Asian Currencies

    George Soros sees Russia in a weak position. He believes that it has enough reserves to last a couple of years. It might see a lot of debt coming due in 2017.

    By Surbhi Jain
  • uploads///Valuation
    Basic Materials

    Look Out for These Valuation Catalysts for Iron Ore in 2018

    Vale SA’s (VALE) forward EV-to-EBITDA (enterprise value to earnings before, interest, tax, depreciation, and amortization) multiple is trading at close to 7.2x, the highest among its seaborne iron ore peers.

    By Anuradha Garg
  • uploads///Valuation
    Miscellaneous

    Which Iron Ore Miners Could Provide Valuation Upsides in 2017?

    Vale (VALE) has a forward EV-to-EBITDA multiple of 6.6x, which is almost same as the average of its last four-year valuation multiple.

    By Anuradha Garg
  • uploads///Russia
    Macroeconomic Analysis

    Service Sector in Emerging Economies Remains Mixed in September

    Emerging economies remain mixed in September, with Russia expanding and Brazil contracting further. Although Russia has moved back to expansionary phase, its overall economic environment remains challenging with rising inflationary pressure.

    By Lara Sheldon
  • uploads///Iron ore inventory
    Miscellaneous

    What the Highest Iron Ore Inventory on Record Means

    China’s iron ore port inventory reflects supply and demand. It also indicates the safety net and imbalance between iron ore supplies and steel mill demand.

    By Anuradha Garg
  • uploads///China industrial output
    Miscellaneous

    How China Affected Markets in September

    According to the monthly data released by the NBS of China, China’s industrial output rose at an annualized rate of 6.1% YoY in September.

    By Anuradha Garg
  • uploads///Analyst estimates_Miners
    Miscellaneous

    The Bulls Are Running on Iron Ore

    Citigroup has downgraded BHP Billiton (BHP) and Rio Tinto (RIO) because the bank believes there could be a big pullback in commodities by the end of 2016.

    By Anuradha Garg
  • uploads///RECI
    Miscellaneous

    Why China’s Real Estate Outlook Matters to Iron Ore Miners

    According to its National Bureau of Statistics, China’s real estate sector grew 7.7% in 4Q16, as compared to 8.8% in 3Q16.

    By Anuradha Garg
  • uploads///Cliffs cost cutting
    Earnings Report

    Will Cliffs Natural Resources’ Cost-Cutting Initiatives Work?

    Cliffs Natural Resources (CLF) reduced its capex (capital expenditure) budget for 2015 from $100–$125 million to $85–$95 million.

    By Anuradha Garg
  • uploads///China steel prices
    Miscellaneous

    This Is Boosting Steel Prices in China

    In December 2016, steel prices in China hit 3,557 Chinese yuan per ton—the highest level in two and a half years.

    By Anuradha Garg
  • Basic Materials

    Why investors should track Japanese iron ore imports

    Japan has not taken advantage of lower iron ore prices, which are down ~38% in the year to date. Japan’s steel output is up 2.2% year-over-year and 0.5% month-over-month, in August.

    By Anuradha Garg
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