What is up is high quality. Eg 65% Brazil pellets hit 127USD yesterday, 62% PB Lumps 96USD, whereas Fines, even 62% were down. Rumors are that a quantity limit will be imposed on sintering. End of October, November is the probable time.
I think your 5.50 - 5.60 is quite realistic. The share price is still to high, on Mowitch scale it should be quite a bit lower. What we observe now is described in holy books as the endowment effect. In this case dividend and 80% payout endowment, one advers report from some analyst and we are back to reality.
Glad to see you back
FMG Price at posting:
$5.85 Sentiment: None Disclosure: Held
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