Iron ore bounces back. Spot iron ore prices hit a 10-week high overnight of US$58.50 a tonne, up 2.8% from US$56.90, the highest since July 1. The spot price is now up 32% since hitting a decade-low of US$44.10 in early July. Part of the reason for the rise has been the run down of iron ore stocks at Chinese ports -- they were 80 million tonnes last Friday according to industry reports. They have been as high as 99 million tonnes a couple of months ago. Meanwhile figures released by the Pilbara Ports Authority showed Australian iron ore exports to China jumped to their highest monthly figure ever in August of 33.9 million tonnes. That was up 15.3% from the 2015 low of 29.4 million tonnes in July. Overall, iron ore exports rose 10.7% in August to 39.17 million tonnes, also the highest monthly total on record. -- Glenn Dyer
Nuclear tomfoolery. The South Australian government is kidding itself if it thinks its nuclear fuel cycle inquiry will provide any great clarity on whether the state should go deeper into the sector. The reality from the marketplace is very, very poor for nuclear power. Just take a look at what is happening offshore. Japan’s nuclear power industry remains crippled by regulatory delays, maintenance problems and costs, public concern and suspicion. Just one of Japan’s 50 odd nuclear power stations has been brought on line (last month) more than four years after the Fukushima disaster in March, 2011.