the mgx report has created many wrong ideas about chinese IO demand going forward; we need to look at the counterparty to mgx. it is a steel trading group called RIZHAO in beijing; fmg's buyer is bao steel( BAOGANG) one of the leading steelmakers in china.
for rizhao mgx's 10million tons a year is ultra big business; for baogang fmg's 60million tons a year is chicken feed.
guess how low it can go., page-40
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| Open | High | Low | Value | Volume |
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