Commodities

It’s call care and no responsibility in broker land.

Here are the iron ore price charts for June 2, 2014: Chinese derivative markets were closed but iron ore spot and Singapore derivatives did trade with a small bounce.

So much for that.

RIO, FMG and AGO all took out 2014 lows this morning.

Here are the iron ore price charts for May 30, 2014: Don’t adjust your television set.

From India over the weekend: The Odisha Government on Saturday issued three “in-principle” iron ore mining lease renewal orders to SAIL.

And to close the week, it could only be one final iron ore post.

On it rolls down a very steep hill.

The AFR’s strange campaign to put the best possible spin on everything mining continues today with the digging up of another iron ore bull: The spot price of iron ore at its lowest since September 2012 and consensus forecasts are tipping it to go even lower.

For several years during the 2007-2010 period I was a lone voice questioning the long term wisdom of the Australian miner’s crusade to destroy the iron ore contract pricing system.

Here are the iron ore charts for May 29, 2014: Paper markets continue to plumb new depths with the 12 month swap at $95.

Go Nev, from the AFR: Fortescue Metals Group said it will consider a push into the West Australian gas market, as it urged the federal government to force oil and gas companies to develop or relinquish their leases.

Here are the iron ore price charts for May 28, 2014: A new low for spot. 12 month swap is diving. Dalian is holding up better. Rebar futures were down but physical seems to have bottomed for now. The Baltic Dry reversed half of yesterday’s gain (apologies for getting that wrong yesterday).

Major iron ore equities are still levitating as the spot price falls to new lows: Both FMG and RIO are off their recent lows by 5% plus, even as the iron ore price reached a new low yesterday.

Here are the iron ore charts for May 27, 2014: More subdued action.

The little iron ore derivative bounce carries on today with Dalian up another half percent and rebar futures a little as well and mining equities are following.

Here are the iron ore charts for May 26,2014: All green in both paper and physical markets for a change, including rebar futures.

Reuters has a couple of pieces on iron ore this afternoon.

The iron ore price fell on Friday May 23, 2014 by 1.3% to an equal low for this long down move at $97.50: More of the same.

From Goldman Sachs: Although it’s already come a long way, there is good reason to argue for materially lower levels.

It appears the Odisha Indian supply threat is easing much faster this time.

Here are the iron ore charts for May 22, 2014: So, a little paper market bounce with rebar futures managing the same.

From Reuters: Tugboat workers agreed on Thursday to suspend plans to go on strike at Australia’s biggest iron ore port till at least late June, just as miners stepped up efforts to avert action that could halt a quarter of the world’s seaborne iron ore supply.