Iron ore price

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.

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.