More NUTS !
BEAR TRAP SPRINGING imho
Its a V WHIPSAW in process
Look at todays SP action, a massive oversold position here by SHORTS who are being hammered.
Today it opened +24c higher
Then a +26c green candle with 28c neck and small 9c tail
meaning its a gap-up and kept going up with no reversal
The SHORTS were BURNING all day and all last Arvo as well.
FMG is NOT affected by the US tariff adjustment at all, it has 0 IO exports to the USA imho.
Its exports to China will continue as usual imho
Chinas 99.2% of steel exports will continue globally as usual and may even increase again.
China steel products exported to the US are less than 1% of its overall steel exports.
And chinas steel exports globally are rocketing, in 2024, up a whopping 22.7% last year.
China is making $700Bpa trade surpluses with the US and this is going to reduce and they will pay more for it and their surplus will drop but their production and exports will NOT imho.
99% of chinas steel goes to non US markets such as asia and EU -
"In 2024, China's steel exports to the US accounted for a small percentage of its total steel exports, less than 1%. Specifically, it was 0.8%. Here's a more detailed breakdown - Total China Steel Exports:
China's steel exports reached a historic high of 111 million tonnes in 2024, up 22.7% year-on-year."
The SHORTS who are SHORTING FMG here likely Chanos/Leucadia & crew again made a motza last few months but are now BURNING imho,
the chicken littles are running around screaming with no he@ds on.
BURN them SHORTS, BURN !
BEAR TRAP SPRINGING imho.
FMG Price at posting:
$14.82 Sentiment: Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)