Dalian Futures, page-26

Tough times still ahead -
From The Australian today.
cheers

"Citigroup has slashed its 12-month price target on Fortescue Metals Group to $0.70 a share from $2.20 previously, after cutting forecast prices for iron ore.
Maintaining a “sell” rating on the stock, the bank is now forecasting iron ore to average $US37 a tonne for the second half of 2015, down from $US58 a tonne previously.
It expects prices to average $US$40 a tonne until the end of 2018, compared to its previous estimate of $US62 a tonne in 2016 and $US73 a tonne in 2017.
Iron ore prices have slumped by two-thirds over the past 12 months and last week fell to a near-decade low of $US46.70 a tonne.
“Fortescue (FMG) should have taken debt when it could as window may have now closed, leaving either sale of infrastructure, operating assets or equity raising as options to fund debt repayments in 2017,” Citi analysts said in a report today.
Last month, Australia’s third-biggest iron ore miner abandoned a planned $US2.5 billion refinancing after it was unable to secure acceptable terms from both the US term loan and bond market, pushing its shares down by nearly a quarter to below $1.80 each."