Wave rider, you are way off the mark if you think Brazil is the answer. That is basically the worse thing they could do.
BCI will be fine not withstanding this expeanive takeover and low prices. Of the mid tier IO miners they are best placed IMO.
This is the lowest price point of the year for IO. Chinese buyers are on holiday and letting the price fall ride. Steel has not stopped being produced are that is an ENOURMOUS volume of Chinese production that is also loss making at this price level. Economics dictates prices WILL rise from current levels - however not to levels seen in recent year.
I think we will see prices firm $10-15 by end of Oct. Doubt we'll see much positive activity tho for another week or two. I think $1.20 is possible. Already SP for BCI AGO etc are being fear driven - albeit with some logic (is prices ARE at dangerous levels for them, less so BCI). Its just that I believe 100% prices will not remain at these levels beyond 3-6mths.
To repeat, the reason is Chinese iron ore miners will be harder hit than the likes of BCI AGO. These miners are necessary to the market and require profits for themselves and this equates to around $90-100/t.
Dont try pick the bottom, wait for some news from China of buyers returning. This will find date steel mills need to restock.
All my opinion and who am I rigjt
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23.5¢ |
Change
0.015(6.82%) |
Mkt cap ! $677.8M |
Open | High | Low | Value | Volume |
22.5¢ | 23.5¢ | 22.5¢ | $80.09K | 347.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 45494 | 23.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
23.5¢ | 35611 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 45494 | 0.230 |
3 | 52705 | 0.225 |
21 | 670081 | 0.220 |
8 | 670150 | 0.215 |
4 | 171432 | 0.210 |
Price($) | Vol. | No. |
---|---|---|
0.235 | 35611 | 1 |
0.240 | 190610 | 8 |
0.245 | 230416 | 7 |
0.250 | 246300 | 6 |
0.255 | 130000 | 1 |
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