UBS downgraded FMG to a SELL recommendation with a price target of $15.00. UBS analysts remain concerned that iron ore fundamentals were deteriorating much faster than expected due to the sharp slowdown in property activity in China amid the country’s crackdown on steel production. UBS also cut its forecast for spot prices to average US$89 a tonne in 2022.
Apparently the collapse in iron ore prices and subsequent sinking valuations by various analysts/brokers has been the catalyst for the panic selling we have seen of late as astute investors have been scrambling to protect further losses with analysts predicting the worst many not be over.
Iron ore price, page-40899
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Last
$18.75 |
Change
-0.240(1.26%) |
Mkt cap ! $57.73B | |||
| Open | High | Low | Value | Volume |
| $18.53 | $18.75 | $18.44 | $216.3M | 11.60M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1990 | $18.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.76 | 47022 | 3 |
View Market Depth
| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |