I don't see 58%Fe (and less) IO advancing in price.
Pellets, Lumps and Concentrate are in. Apparently China is producing a lot of 65% concentrate.
In my books FMG shares are about 30c overvalued on the current IO price. With some luck you may survive. Delta for 575 puts is -0.39, IV=31.7 the chance that you will be exercised is 39%. Delta for 550 puts is-0.19, IV=37. Your chance of being exercised is 19%. On Monday when shares stabilise do whatever you think is right. In October be extra careful, FMG is not selling 62% Fe and quality is the king for the coming Northern winter.
We may get reversal of Monday and you'll be right, if not you have number of options sic available.
I feel like a full after today's events. Not a word tomorrow.
FMG Price at posting:
$5.85 Sentiment: None Disclosure: Held
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