Iron ore has only been traded on spot for about a decade. It is only about a decade ago that the Chinese steel industry started its focus on efficiency and quality control that relies on seaborne traded iron ore due to the higher quality. So the conditions relevant to the current seaborne iron ore market have been in place for roughly a decade.
During that decade iron ore prices have averaged USD98 or USD110 if inflation adjusted. The 100 year average price is not relevant because it does not reflect the current market or the iron ore cost curve.
FMGs cost of production is USD30 to 35 all in.
So at the average iron ore price FMG makes a fortune.
Iron ore price, page-41770
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$17.86 |
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Mkt cap ! $56.03B | |||
| Open | High | Low | Value | Volume |
| $18.22 | $18.27 | $17.86 | $72.87M | 4.003M |
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| No. | Vol. | Price($) |
|---|---|---|
| 14 | 3605 | $17.86 |
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| Price($) | Vol. | No. |
|---|---|---|
| $17.87 | 2434 | 10 |
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