What will happen to iron ore price because of the Ukraine conflict? I hope the conflict end tomorrow, but Putin looks like he intends to create misery and destruction for both the Ukraines and Russian people. Unfortunately it may last for months.
Ukraine exports 46 million tons of iron ore a year, plus lots of manufactured steel products. This export has stopped! Russia is the 5th largest exporter of iron ore in the world about 100 million tons a year. These exports may be restricted, some Japanese mills were talking of sourcing iron ore elsewhere. The banning of Russian banks from SWIFT will make it hard for Russian miners to get payed for their exports. This may put a floor under the iron ore market. The market at present is finely balanced with VALE production lower this quarter because it was rain affected again. At $85.00 a ton for 58% iron ore. FMG is making a good returns at this price, the iron ore price does not need to move up for FMG to be looking at a dividend of between $1.00 and 80 cents next dividend in September, FMG is a dividend machine with the iron ore price at $130.00 to $140.00 a ton for 62% iron ore. Interesting day tomorrow, FMG will drop ex-dividend but FMG holders may be surprised with a bounce!!!
Good Luck.
Hope the conflict ends soon.
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