grateful if anyone else can shed any light on this, but to me if you look a bit closer it seems fmg is trying to make it look like price increased from $69 from previous quarter to $130 this quarter. in actual fact the $130 they are talking about is for 100% iron ore landed in china so you have to multiply it by 58% to get the actual price ($75) then you have to deduct the shipping costs (about $12.50) so you get about $62. if you look at their interest bill at prices less than $100 a tonne (i.e. $58 a tonne for fmg) and fmg barely breaks even. that's why declining spot prices so scary - if spot prices continue to decline fmg could very easily go bust.
big vol on fmg today, page-10
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