Iron ore price, page-52969

DOW up 247.15 DCE IO Sept Futures US$114.75 Last:832 Yuan Chg:7

It's ok @rurenga (deceased) who posted incredibly sharp IO prices and sp movement analysis everyday for years, used to occassionaly diverge into stories about his favourite car, his house in the snowy mountains, etc. It's just human. Tolerance required.

Where tolerance is ill served, is when talking of the iron ore trucks falling through space brigade in the fin press. They just cannot stop bagging the IO price and companies like FMG. Now, even if you could get an iron ore truck in space (incredibly unlikely) it wouldn't fall, it would float- no gravity you see.

Just like their endlessly repeated theory that the IO price is heading towards US$20. It defies logic. Now the Australian economy, teetering on the brink of a recession, needs a decent IO price more than ever. Not that posting images of iron ore trucks falling through space will actually effect the IO price. That is the result of supply and demand dynamics. They continually cite Simandau as the driver of excess supply, but that completely ignores the fact that Simandau is not yet producing, and globally, many existing mines, like Min Resources Yilgarn mine (roughly 8 mill tonnes per year), are rapidly depleting and closing.


Yilgarn, closing at the end of 2024

https://thenightly.com.au/business/mining/mineral-resources-to-close-yilgarn-iron-ore-leaving-1000-workers-in-the-lurch-c-15077511