FMG 1.10% $19.76 fortescue ltd

china rein supreme in world commodities, page-4

  1. 9,820 Posts.
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    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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Last
$19.76
Change
-0.220(1.10%)
Mkt cap ! $60.84B
Open High Low Value Volume
$19.66 $19.80 $19.20 $191.1M 9.763M

Buyers (Bids)

No. Vol. Price($)
3 4673 $19.73
 

Sellers (Offers)

Price($) Vol. No.
$19.76 31740 2
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Last trade - 16.10pm 04/10/2024 (20 minute delay) ?
FMG (ASX) Chart
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