Iron ore price

From Reuters: Australia’s Atlas Iron Ltd , which suspended mining in April after iron ore prices slumped, said on Friday it will keep producing at two of its three mines with the help of its contractors after a rebound in iron ore prices.

The AFR seems to think so: The world’s biggest iron ore miner, Vale of Brazil, says it is willing to temporarily slow exports of the bulk commodity, in comments that Morgans analyst Adrian Prendergast believes could “trigger a strong rally in spot iron ore prices”.

RIO today tries get back on the front foot after the Twiggy Forrest PR assault, rolling out  iron ore division head, Andrew Harding, at the AFR who said that Mr Forrest: “would be better placed running his business to be a lower-cost producer, than providing market commentary”.

Here are the iron ore charts for April 30, 2015: Qingdao spot down sharply and Tianjin benchmark down 70 cents at $56.20.

Lol.

The big iron short squeeze and flame out is now entering a crash.

MB alumnus turned Business Insider scribbler Greg McKenna made an interesting observation yesterday: Even though iron ore is Australia’s largest export, accounting for around 22% of total exports, it still only accounts for 4% of GDP.

Here are the iron ore charts for April 29, 2015: Spot was smashed with Tianjin benchmark down 3.9% to $56.90.

From Fairfax: Sackings have taken place at Fortescue Metals Group, as the troubled iron ore producer begins shedding jobs to cut costs.

The big iron short squeeze is over. BHP is down half percent, RIO is down 1% and FMG is down 6% (after another 5% yesterday afternoon).

From Sky, Andrew Forrest whips Alan Jones into a backwards frenzy: I don’t remember Mr Forrest defending everyday Australian’s ownership of iron ore when he led the rebellion against the RSPT.

Here are the iron ore charts for April 28, 2015: Spot was up firmly and Tianjin benchmark added 0.9% to $59.20.

Big iron has hit a wall today.

The AFR is talking up the latest round of Atlas restructuring talks: Atlas Iron has asked secured bondholders to consider receiving equity in lieu of interest payments, while contractors would operate for minimal cost in exchange for compensation when – and if – the iron ore market improves.

Here are the iron ore price charts for April 27, 2015: Spot rallies on.

The big iron short squeeze continues today in the equity market but it’s a bit of fizzer versus the underlying price.

The Sauce may be a grab bag of disaffected student nut-jobs but they are much better at analysing iron ore dynamics than the MSM.

I have been stunned at the swiftness at which one tiny shift in BHP’s iron ore expansion plans has morphed into global media tub-thumping for a new iron ore bull market.

Some bright young spark at Bloomberg has declared that iron ore is in a new bull market: Iron ore advanced into a bull market after BHP Billiton curbed expansion plans and supplies from higher-cost mines dropped, easing concern global output will outpace demand and feed a global glut.

It had to be said, I guess, from the SMH: “None of us predicted it would be as bad as this,” Mrs Rinehart, chairman of Hancock Prospecting, said on Friday at a mining industry lunch in Sydney.

Here are the iron ore charts for April 24, 2015: Now that’s a melt-up.

The hysteria gripping the iron ore market is fun and a great opportunity to get set for the next down leg.