Iron ore price

As value destruction is now a daily event for Australian mining, even the number one cheerleader, the AFR, has been forced to concede: When asked if he had any thoughts on the new hybrid security to be issued by global mining giant BHP Billiton, Campbell Dawson of specialist hybrid fund Elstree Investment Management was swift in his response.

Here are the iron ore charts for September 29, 2015: Spot tanked.

From Citi: $50/t short-term target; larger shake-out expected in 1H16 – Chinese iron ore inventories are once again rising on the back of improving Australian exports, which we expect to pressure prices lower to around $50/t over the next two months.

From Reuters here’s the future for BHP and RIO: Brazil’s Vale SA said on Monday it plans to cut its dividend for the year by $500 million in order to help shore up the miner’s balance sheet in the face of weaker commodity prices, especially iron ore.

Here are the iron or charts for September 28, 2015: Trouble.

Here are the iron ore charts for September 25, 2015: Don’t be fooled by Qingdao.

BHP and RIO are hanging on today, ignoring the gloom that is engulfing London.

From the AFR: “Oil prices go up and oil prices go down but we’re clearly in a dip right now.

Trouble a-brewin for Ivan the Terrible with Glencore monstered another 10% last night in London: The stock is now down 80% from its peak.

Here are the iron ore charts for September 24, 2015: Stable.

Big iron is on the nose again today with BHP down 1% and on the verge of a new low for the trend.

From the ASX today: Evy Hambro was a big fan of the miners returning capital, that is, viewed them as a yield play.

Here are the iron ore price charts for September 23, 2015: Spot down.

Still having site issues today (and still fixing them) so just the numbers: BHP down -4.6% RIO down -2.5% FMG down -4% WPL down -3% ORG down -2.2% STO down -2.4% OSH down 1.7% No new lows for the trend today but everyone is perilously close.

Here are the iron ore charts for September 22, 2015: Spot and paper cracked lower.

Here are the iron ore charts for September 21, 2015: Qingdao spot down but Tianjin held steady.

Big iron is getting flogged today as BHP, RIO and FMG are all down 3%: The BHP idiocy spread continues to close.

Here are the iron ore charts for September 19, 2015: Spot up despite weak paper.

Here are the iron ore charts for September 17, 2015: While Qingdao did little, Tianjin benchmark rose 1.4% to $56.80.

From Platts: China Iron & Steel Association, comprising major steel mills, in its latest monthly analysis warned of price volatility in the iron ore market over September and October, due to uncertainties in steel production rates in the country.