Steel demand showing no sign of slowing, BSL upgraded their earnings back in April and SP down 15% from high a month ago. Steelmakers around the world trying to source as much scrap metal as possible for steelmaking, BSL and Infrabuild moving scrap from all around Australia and NZ to feed their furnaces. SimsMetal down 15% from their high a month ago as well.
Amazing situation when we're concerned about the IO price dropping to US$200, even more so if it normalises at US$150 to US$170.
Share prices fluctuate for many reasons, don't underestimate the FUD factor(Fear, Uncertainty, Doubt) but I can only see blue sky and a rising FMG share price in the months leading into dividend announcement. The only potential impact is a significant drop in steel demand as a result of a Covid II world shutdown, unlikely but if the media start their fear porn campaign anything is possible.
By memory AF purchased his last 10m shares around the $20 mark, be interesting to see where that figure sits in the current cycle and ultimately when dividend is announced.
Iron ore price, page-32127
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Last
$22.48 |
Change
0.380(1.72%) |
Mkt cap ! $69.21B | |||
| Open | High | Low | Value | Volume |
| $22.41 | $22.64 | $22.22 | $89.05M | 3.959M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 20914 | $22.48 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.50 | 6164 | 2 |
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| Last trade - 16.10pm 15/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |