Commodities

Big iron is riding the tiger’s tail today.

The iron panic is on.

Brent oil recovered some recent losses in line with easing Chinese fears last night up 3% at $58.53 as I write.

Here are the iron ore charts for July 9, 2015: Qingdao was up 9.9% and Tianjin benchmark rose $4.20, or 9.5%, to $48.30 a tonne yesterday.

From the AFR: Until now.

Big iron had a brush with death this morning as BHP tumbled, RIO got within a whisker of terminal support in the low $49s and FMG threatened a move into the $1.50s.

It’s over.

Here are the iron ore charts for July 8, 2015: Benchmark Tianjin spot fell 11.3%, or $5.60, to $44.10 a tonne.

From Bloomie: Investors who bought $2.3 billion of iron miner Fortescue Metals Group Ltd.’s 9.75 percent securities in April have lost $255 million of market value in less than a month…Fortescue’s bonds traded at 96 cents on the dollar to yield 10.6 percent at 12:27 p.m.

As the day wears on the RIO share price wears with it, now down the better part of 3%, matching London.

From the ABC: Atlas has responded with a share market release today that outlines a number of contracts it has in place to secure floor prices, at least in the short term.

Big iron ore is taking it in the team but not as much as it should or will with BHP and RIO only down 2% plus and FMG down 4%: Fundies are in state of shock, clearly, there is much further to fall ahead.

Here are the iron ore charts for June 7, 2015: The Qingdao iron ore price tumbled 5.12%, or $2.68, to $49.60.

Brent oil managed a little rebound overnight sitting at $57.10 as I write.

Always looking backwards, the AFR has story today on the travails of the junior iron ore sector: What do you cut when there isn’t much left to cut?

Another dubious report out today from an economic consultancy engaged in a rent-seeker’s fight.

Brent oil collapsed 6% overnight to $56.78 as I write.

Here are the iron ore charts for July 6, 2015: Qingdao iron ore crashed 5.4% to $52.28.

A picture is worth a thousand words as big iron sells: In technical terms, terminal support cracking.

Here are the iron ore price charts for July 3, 2015: The Qingdao iron ore price fell 0.7% to $55.26.

Brent oil test new lows in its post-crash recovery on Friday night, settling at $60.56.

It’s awwn.