Australian Resources:Ironore miners - what's priced in? The iron ore price hastraded down to US$95/t spot, -9.2% 1mth; China's macro and iron ore/steelsignals remain weak (here and here), China Baowu has warned of a "severewinter" for the steel industry, and Australian iron ore stocks have soldoff. What comes next? We look to cost curve support to emerge, given 95thpercentile is US$101/t and 90th percentile US$88/t. Flipping cost curves tomargin curves, we observe BHP has the highest, and therefore most resilient,iron ore margins. MIN and FMGare most operationallylevered to weak/weakening iron ore prices. UBS View: In a weak iron ore pricescenario, we prefer BHP (Neutral) >RIO(Neutral) > FMG (Sell) >MIN(Sell). Source:UBS
Australian Resources:Ironore miners - what's priced in? The iron...
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