Hi Old Engineer & Rememdium,

FMG's just had two down days & is off $2 for the week, so CIA is doing well thanks to the high grade premium.

CIA financial results on 27 May should show CIA EPS for the year at $1 (approx) & seems to have settled into a floor PE ratio of 7.

I'm looking forward to results for this quarter (late July) which could be EPS 40 cents for a TTM EPS of over $1.20 which would then support a share price of at least $8.

However, all depends on the volatile IO price from here. Ignore the headlines in Fastmarkets report below as this is over a 2 day period due to a Singapore public holiday on Thursday.
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IRON ORE DAILY: Steep plunge for seaborne prices amid expectations of weaker steel demand

Iron ore prices fell sharply on Friday May 14 amid concerns over weakened steel demand, sources said.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $208.79 per tonne, down by $28.78 per tonne
62% Fe low-alumina fines, cfr Qingdao: $211.19 per tonne, down by $28.81 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $179.29 per tonne, down by $27.93 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $241.70 per tonne, down by $26.10 per tonne
62% Fe fines, fot Qingdao: 1,439 yuan per wet metric tonne (implied 62% Fe China Port Price: $208.96 per dry tonne), down by 234 yuan per wmt
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.5100 per dry metric tonne unit (dmtu), up by $0.0500 per dmtu.