The big iron cow ore boom has gone bust today after last night’s price falls and today’s BHP Brazilian accident. BHP is down -4%, RIO is down -0.4 and FMG is still milking it up 1.4%. Presumably the latter two are benefiting from the assumption that the BHP Samarco mine will have its 30 million tonnes inhibited in some way (and I thought we had over supply!) So far Dalian isn’t buying it, down 1 point at the open:
Meanwhile, big gas is also seeing sacred cows slaughtered on oil weakness and Goldman downgrading Woodside which is down -3%,