cheers re site for IOP. M.Business were advocating shorts when FMG was about $3.20. I did short some at around 4.30 but bailed when it go hairy. FMG SP rose to $6.85 so they (MB) were completely wrong. I re-opened shorts just post the 20c ex div date at 6.60. Have closed some but will sit things out.
IOP Qindao Spot rose 2% last night to $54.43 so strong AUD obviously an influence. Stell and esp rebar remains strong while IOP has fallen some 40% which indicates IO supplies are plentiful and steel demand firm. With tkpile on Chinese wharfs of 140m tons.... you have to ask if IOP won't weaken more. Vale extension, Roy Hill et al still well below nameplate and additional 80m tons due over next 18 months. Where will it all go to?
Despite IOP 2% rise FMG down 2%. Strong AUD is a likely contributer.
FMG / IO Outlook and News, page-940
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$17.34 |
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| Open | High | Low | Value | Volume |
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