What you fail to understand is companies buy products from China and many can't get their goods out due to the virus. A few car factories are closed in Europe now and laying off staff. Many toy companies buy from China as does Ikea. Stock runs out which means China manufacturing slows down which means they end up with stock piles of ore.
This has to effect our exporters. Its only logical.
Short term FMG will do well due to the low currency and iron ore up but if this virus takes as long as they suspect to eventually burn out by about August then there will be stock piles of ore and I dare say the ore price will be far lower than it is now.
Were you not around in 2008 when the GFC happened. Did you not see stock piles of ore then over supply then prices fell like a brick from the highest point of $194/t to its lowest of $38/t and back then FMG went from $13.15 to $1.13
Its taken over 10 years to get back to where we are with these shares. BHP still not anywhere near their $54 high point before the GFC.
This could be far worse than the GFC of 2008.
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