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It’s not going well for the iron ore miners today. The rupturing of Arrium, Chinese house prices sliding fast and Chinese markets selling again with rebar futures down 19 points and Dalian iron ore futures down 4 points. The falling dollar can’t put a dent in it. Here are the juniors with everyone at 2014 (and much longer) lows:
The majors are down hard too with BHP and RIO off 1% and FMG down 2.5% having lost the $4 handle again:
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All things considered it’s probably quite a good performance and thus the idiocy spread has sooooooo far still to close:
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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.
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