The Great Iron Ore Train Wreck Continues

Getty/Doug Pensinger

Iron ore looked like it was trying to find bottom last week with a few days of rallying. But this was quickly reversed and December 62% Fe Iron Ore futures have now made a fresh low for this run.

How low the price can fall is difficult to tell, with most analysts saying the price is due to recover toward $90 by years’ end. As we highlighted in the past however, a technical target of $70 a tonne remains.

December 62% Fe Iron Ore Futures –

For the moment though, this fresh low is going to to make the Arrium share price performance after the capital raising more difficult and likely put more pressure on the smaller iron ore miners like Atlas Iron and maybe even Fortescue Metals in the days and weeks ahead before a sustainable bottom can be found.

Arrium share price under pressure still –

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at