Iron ore price

Big iron is hanging on again today with BHP up 1.1%, RIO up 0.6% and FMG up 0.3% despite now losing 60 cents on every tonne it ships: Dalian is up 1.5% on short covering which may be helping local stocks hang on.

Here are the iron ore charts for December 4, 2015:    Well, we’ve arrived in the $30s but whether it’s the destination or we’re just passing through is a moot question.

Recently I wrote a post RIO ripe for ruin in which I mused that the second of the big miners was about to crash lower.

Here are the iron ore charts for December 3, 2015: Tianjin benchmark fell 0.7% to $40.30 but Dalian was flogged 2% last night setting up bigger falls today.

Hope for Australia’s major iron and gas producers is palpable today as underlying prices collapse at record speeds but the equities are falling like strolling gentlemen, deluded that the future will be better.

Here are the iron ore charts for December 2, 2015: The rout rolls on with Tianjin benchmark falling another 2.4% to $40.60.

Big iron is holding on grimly as Dalian is again under pressure today down half one percent.

From Macquarie comes a nice summary: The dominant influence for market sentiment, China’s property sector, continued to have weak investment data in October.

From Fairfax: Rio’s annual payout will be $US4.1 billion ($5.6 billion) this calendar year, while BHP’s costs $US6.6 billion a year.

Here are the iron ore charts for December 1, 2015:    What can I say?

From your ABC, what Citi described as the Roy Hill “whale” has breached off the cost of the Pilbara: West Australian mining magnate Gina Rinehart is on the cusp of sending her first iron ore shipment to Asia.

Here it is, in all of its volatile glory: Nov.

From UBS: Diversifieds: All else equal, our BHP & RIO earnings estimates for CY 16 would be 80% and 51% lower, respectively, under a spot scenario.

In a note on Friday Capital Economics reassured investors that although iron ore is going to drop below $40 it won’t stay there for very long as supply closes.

Here are the iron ore charts for November 30, 2015: Tianjin benchmark fell 1.6% to a new post-GFC low of $42.80.

The news flow today is not much fun for commodities.

Big iron is sinking fast.

From Gotti: The BHP accounts reveal that the BHP carrying value of its Samarco shares is about $US1bn.

Readers will know that the working assumption behind the MB outlook for global growth is that the commodities bust will continue as China slows, supply side expansions continue and the US dollar bull market stampedes ahead.

Here are the iron ore charts for November 27, 2015: The Tianjin benchmark iron ore price fell 10 cents to $43.50.

From Fairfax: JPMorgan is the first of the analysts covered by Bloomberg to capitulate from the optimistic hold and buy ratings since questions about the company’s ability to maintain its progressive dividend policy emerged amid sharp falls in its share price this year, made worse by the tailings dam disaster at its joint venture mine in Brazil.