Iron ore price

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.

We’ve got ourselves a fair dinkum short squeeze going now in iron ore.

The AFR has a piece today on Aquila’s Tony Poli: Tony Poli must be the luckiest man in iron ore.

A little knowledge is a dangerous thing.

From the AFR: To get the latest deal away it not only had to offer a significantly higher coupon on the bonds it was forced to secure the debt against the company’s assets.

Here are the charts for April 23, 2015: Spot climbed again with Tianjin benchmark up 1.7% to $53.80.

Big iron shares are making sense today as neither RIO nor BHP has taken off post the overnight surge with the former up a lousy 1.5% and latter 2%.

From the AFR: Treasurer Joe Hockey, whose budget hopes are being smashed by falling iron ore prices, has backed a decision by Australia’s biggest miner to curb production of the key export.

From Morgan Stanley: MIIT targets to reduce 80mnt steel capacity and to limit steel companies to within 300 in the next three years: MIIT targets to reduce 80mnt steel capacity within three years and to limit the number of steel companies to within 300 from the current 500 during the same period.

From The Australian: The initial $1.5 billion senior secured notes offer from Fortescue Metals has ballooned to $US2.3 billion due to a high level of demand.