Iron ore paper hammered, miners hold on

Wednesday, 3 September 2014

It’s getting more and more weird. The iron ore miners are all down only slightly today as Chinese markets fall out of bed. Dalian iron ore futures are down 1.5% and rebar futures are also down 1% yet the local miners refuse to buckle and, though trading down, still look firm with only BCI really taking real pain. BHP is down too but is ex-dividend. FMG briefly traded towards $4 but rebounded.

Here are the relative performance charts. For the majors:

And juniors:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.