Commodities Featured Article Iron ore price

Iron ore miners burn

Tuesday, 9 December 2014

The stink of burning flesh is palpable today as iron ore miners, trapped in their rusting machines, burn. All three majors have hit 2014 lows with FMG down 4.5%, RIO down 2% and under $56 and BHP sprayed with its own ignited crude down 3.3% to $29. Here are the indexes:

FMG is on the verge of crossing iron ore as it should have long ago. The idiocy spreads are all screaming shut with RIO so mispriced I could vomit:

But if it’s seared flesh for the majors, it’s an a offal conflagration for the juniors, eye balls bursting where they stand as every one hits new lows for years:

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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.