BHP leads big iron into the pit

It’s big iron bash-up day again with BHP down-3% at another new post-GFC low of $19.09 on it’s way back to 2003 prices at $10 and under. RIO is bleeding inexorably to its 2015 lows as well down -0.6% and under $47. FMG is down -1% despite the idiotic press coverage celebrating its buyback of debt that that bond holders are happy to part with at a substantial loss:

Idiocy spreads are stalled and about to tighten:

Dalian is up one point.

Big gas is also looking sick despite the firming in Brent with WPL up 0.7%, OSH and ORG down -1.3%, STO down -2% and LNG down -1.6%:

Another day in the long destruction of Australian resources.

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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.