Iron ore miners crack lower

Monday, 9 March 2015

Big iron is taking it in the team today as the steel and red dirt price deck shunts lower. BHP, RIO and FMG are all down 2% (after the latter’s morning dalliance with drug-enhancement). To the indexes:

Alas for the big miners, the idiocy spreads have not even yet begun to close even though at today’s iron ore price RIO’s profit will be 25% lower and FMG’s 100% lower than consensus. Close they will:

Death is unmoved in the junior sector:

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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.