Iron ore price

Here are the iron ore charts for December 3, 2014: Paper markets are running on the spot in the low to mid 60s.

It’s all good today for the iron ore miners, though I’m not sure why.

As every good miner and economist knows, commodity producers are price takers (you can count most recent Australians out on that).

Here are the iron ore charts for December 2, 2014: Not terribly encouraging price action.

It’s as if it never happened yesterday.

Prime Minister Abbott says the iron ore crash is cyclical not structural: Prime Minister Tony Abbott has pinned his budget hopes on a rebound in plunging commodity prices, saying the downturn was cyclical and it would be wrong to search for new savings to chase the revenue lost through ­declining terms of trade.

Here are the iron ore charts for December 1, 2014: Mixed markets.

It’s a laugh a minute today as capitulation seizes the commodity complex.

RIO today: It’s still 50 cents above its 2014 low and has a few technical supports in the way before it gives way like BHP: Sadly, I do not expect the supports to hold next year.

It’s pain, pain, pain today for the iron ore mining complex.

From the ABC, here is the audio of the this morning’s leak that the MYEFO will cut its iron ore forecast to$60.

From the ABC via Bloomie and Forexlive: Local ABC news reporting, unidentified sources: Australian government to lower assumed iron ore price to $60/ton Also: Mid year economic anf fiscal outlook (MYEFO) won’t include new taxes or new spending cuts There’ll be more on this later today, hopefully.

Here are the iron ore charts for November 29, 2014: Better price action in paper markets with something of short squeeze underway.

It’s good news today for the big iron ore miners.

From Goldies: Market dynamics change faster than expected The changes in market dynamics following the shift to oversupply have come earlier than we expected.

Hmmm, from the SMH: Rio Tinto’s rhetoric around shareholder returns appears to be changing, with its promise of “materially increased” shareholder returns replaced by a pledge to deliver “sustainable” cash returns next year.

Here are the iron ore price charts for November 27, 2014: Relief at last.

From the AFR: Li Xingchuang, president of the government-linked China Metallurgical Industry Planning Association, said steel consumption would peak at 740 million tonnes in 2017.

There’s life in the old dog yet.

Here are today’s iron ore price charts: Slightly better price action in paper markets.

Ivan Glasenberg’s illusory tilt at RIO has all major miners firming today with BHP up 1%, RIO is up an opium-addled 2% and FMG flat.

From the AFR: Former Rio Tinto chief Tom Albanese says weak iron ore prices are here to stay for longer than expected and “volatility is the new normal”, as iron ore sank below $US70 a tonne overnight Tuesday for the first time in five years.

From Gina’s mining newsletter: Bernstein’s ­London-based senior analyst, Paul Gait…told The Australian ­Financial Review that Glencore’s shock announcement it would shut down its Australian coal operations for three weeks is a strong indication that Mr Glasenberg will try again for Rio.

Find below the iron ore charts for November 26, 2015: As expected, Chinese iron ore bears are in total control.