The dip in the value of the Aussie dollar in March has had an immediate impact on the prices we receive for many of our commodities.

Figures released yesterday afternoon by the RBA show that its commodity price index's recent fall was halted last month by the fall in the dollar.

The dollar bounced around a bit yesterday, rising to $US1.450, falling under $US1.4 in local trading, then rose to around $US1.0422 in US trading overnight.

The value of the dollar fell by around 3.6% last month and the RBA said that as a result, the index rose 1.9% in Australian dollar terms, thanks to higher prices for iron ore and oil.

That was after a 1.3% fall in Australian dollar terms in February, a 3.0% drop in January and a 2.5% drop in December.

Our terms of trade fell by 4.7% in the December quarter of last year and looks like suffering a smaller fall this quarter.

"Preliminary estimates for March indicate that the index rose by 0.6 per cent (on a monthly average basis) in SDR terms, after rising by 1.2 per cent in February (revised).

"Over the past year, the index has risen by 2.7 per cent in SDR terms. Much of this rise has been due to increases in the prices of coal, gold and oil.

"The index has fallen by 4 per cent in Australian dollar terms over the past year," the RBA said.

Meanwhile the BHP-Mitsubishi Alliance (BMA), the world's biggest coking coal miner, has declared force majeure for all its Bowen Basin mines in Queensland as a result of continuing industrial action and heavy rain last month across all six BMA mines in Queensland.

The mines affected are Goonyella Riverside, Peak Downs, Saraji, Norwich Park, Gregory Crinum and Blackwater.

The company said this has prevented BMA from meeting its obligations with customers.

It said that individual customers had been notified across Europe, Japan, India, Latin America, Korea, Taiwan and China.

"As of today, all six mines are under strike action and unions are currently meeting in the town of Dysart to engage with their members (so picket lines across the mines have been disbanded, so members can attend).

BHP said it was proposing to conduct an employee ballot towards the end of April to "help guide our next steps".

BHP said details of the impacts on production will be included in the company's upcoming quarterly production report, due for release on April 18.

BMA is the biggest supplier into the seaborne coking coal trade, with about 18% market share and 2011 production of 38 million tonnes.

The problems could boost spot coking coal prices, especially in Asia, if it persists for longer than a week.

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