China Steel PMI for April 50.1 - first move to expansion for 3-4 months i believe. But spot price sliding heavily, while currency remains stable.
Either this is an inflexion point or someone is manipulating one or more of these markets.
According to slide 8 FMG net debt is now $9.4bn - so yes, i;d thought the $3.1bn they just paid off had already been take off the $12b debt figure i;d seen in commentary.
the point remains valid - FMG puts iron ore out at $US70ish per tonne all costs included.
The bears focus on FMG as a short because it is a pure play, it has high liquidity and it has high debt.
What I think the market doesnt generally understand is that FMG actually operated at roughly the same operating cost as BHP and RIO - its the debt repayments that give it a higher total cost per tonne.
So long as FMG keeps this discipline of fast debt repayment, the next benefit of lower cost production + any fall in AUD/USD conversion should significantly cushion FMG.
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$19.76 |
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Mkt cap ! $60.84B |
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No. | Vol. | Price($) |
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1 | 1000 | 19.730 |
1 | 1000 | 19.700 |
1 | 3000 | 19.680 |
2 | 1552 | 19.650 |
1 | 5000 | 19.630 |
Price($) | Vol. | No. |
---|---|---|
19.800 | 2133 | 2 |
19.830 | 750 | 2 |
19.850 | 150 | 1 |
19.870 | 2200 | 2 |
19.880 | 3834 | 3 |
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