Wtf? u realise the cost of production for fmg ? Look up the reports and do some maths. Further as product cost reduces in general so does the processing cost. The market has to readjust and have a tier 1 lower quartile cost is extremely beneficial. The mines in danger are no fmg but thos medium to high cost mines. The one's who have been inflated in value in this cycle. This is a short term gyrations. I c iron ore above 100 usd 62 percent for at least 2 to 3 years. 120 to 150 range is where it will settle as at these rates mills are viable as are consumers. Projects don't significantly get impacted and within budgets. Current pricing especially above 200 usd is unrealistic and never sustainable. We are already seeing Indian billets increase in price. Why? The demand for steel is high. So China is preventing it's mills from producing. However by suspending the 13 percent export rebate and reducing production quota, the main emphasis is to supply the local market. That expirt market demand will be absorbed by other steel producers in the region, especially India. The Middle East will also start to fill in the vacuum created by Russia and China as there is genuine demand due to infrastructure biased stimuli to improve economies. As in any price retreat, the srntiment tends to overshoot. This is a healthy retracement.
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Last
$21.71 |
Change
-0.190(0.87%) |
Mkt cap ! $66.84B |
Open | High | Low | Value | Volume |
$21.77 | $21.80 | $21.34 | $408.6M | 18.51M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 289875 | $21.68 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$21.72 | 95078 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 284888 | 21.680 |
1 | 1 | 21.660 |
1 | 200 | 21.630 |
4 | 179699 | 21.620 |
5 | 124544 | 21.610 |
Price($) | Vol. | No. |
---|---|---|
21.720 | 72320 | 2 |
21.730 | 12341 | 3 |
21.740 | 234670 | 3 |
21.750 | 66245 | 8 |
21.760 | 16520 | 2 |
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