The Rising Influence of Rising Affluence

[DewDiligence]

DoA et al: CLF’s PR says the average spot price of seaborne iron ore (62% Fe) has been $142/ton CFR in 2012 to date, which I interpret to mean the period through Jul 25, not Jun 30. Thus, to reach an average of $145 for the full year, the average for the remaining 59 days of 2012 needs to be $148.91, which does not strike me as unreasonably high.

When comparing CLF’s guidance for seaborne iron ore to published index prices, please bear in mind that CLF’s numbers are specified as CFR China—i.e. they include the cost of freight to China.