Iron ore price

Here are the iron ore charts for November 26, 2015: OK, so spot stable with Tianjin benchmark up 20 cents to $43.60, paper flat tending up and rebar down.

Don’t blink!

I began this year by forecasting that 2015 would be defined much more by carnage in big miners rather than small which were last year’s story.

It’s big iron bash-up day again with BHP down-3% at another new post-GFC low of $19.09 on it’s way back to 2003 prices at $10 and under.

During the recent spate of upgrades for Fortescue, one often quoted strength (by Charlie Aitkin in particular) was that the iron ore price had bottomed in Australian dollar terms.

The spruik is about to begin for an imminent rebound in iron ore prices.

The Australian press is falling over itself to defend doomed miners.

Here are the iron ore charts for November 25, 2015: Benchmark spot was unchanged at $43.40.

From Goldman: Metals prices have declined by 12%-17% since late October.

It’s a real squashed moggy of a bounce for resources today with big iron barely up as BHP rises 0.3%, RIO is flat and FMG down -1%: Idiocy spreads are in for FMG and out for the majors: Dalian has opened up one point so perhaps we’ll see more animal spirits during the day.

Blow me down with a feather, from Macquarie: Credit ratings at risk BHP and RIO have both stated a wish to maintain a solid A rated balance sheet.

What’s causing iron ore to fall and where will it bottom asks Dumbfax today: 1.

Here are the iron ore charts for November 24, 2015:    Spot smashed with Tianjin benchmark down 1.8% to a ten year low of $43.40.

Big iron ore is being bashed again today with BHP at a new post-GFC low down -1.4%, RIO is down -1% and FMG -4% and still holding hope rather stupidly: Idiocy spreads are tightening for FMG but blowing out for the majors: Dalian is flat at 299 and looking vulnerable.

From UBS: Diversifieds: All else equal, our BHP & RIO earnings estimates for CY 16 would be 70% and 45% lower, respectively, under a spot scenario.

There is one iron law in the commodities business (pun intended).

Here are the iron ore price charts for November 23, 2015: Tianjin benchmark fell 1.8% to $44.20 just 10 cents above a record low.

Big iron is on the nose again today with BHP down sharply at -2.3%, RIO as well at -1% and the ever hopeful FMG is up 2.6%: Dalian is open and is immediately under pressure down one point for January but more than 1% for May at 302 or roughly $38.

From Bloomie: Iron ore bear Andy Xie is sticking to his guns.

From the World Steel Association: World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 134 million tonnes (Mt) in October 2015, a -3.1% decrease compared to October 2014.

Here are the iron ore price charts for November 20, 2015: Tianjin benchmark was down 10 cents to $45.