The spot price will be the best indicator of any surplus. It has now fallen below the average contract rate. The Assumption is that yes there is already a surplus.
FMG's annual report quotes the grade of Christmas Creek at 59.47% Fe. I can remeber if they mention impurities or not. BHP's grades at Yandi are 57% and there is no way that will be shutting down. It is still Australia's richest mine. So I can't see Baosteel saying no because of the grades.
MGX are a smaller player and do not have the same contacts in place that FMG do. I'm not saying that they will not say no to the shipments but it will be a lot more difficult
fmg and iron ore fundamentals, page-2
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Last
$19.76 |
Change
-0.220(1.10%) |
Mkt cap ! $60.84B | |||
| Open | High | Low | Value | Volume |
| $19.66 | $19.80 | $19.20 | $191.1M | 9.763M |
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| No. | Vol. | Price($) |
|---|---|---|
| 3 | 4673 | $19.73 |
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| Price($) | Vol. | No. |
|---|---|---|
| $19.76 | 31740 | 2 |
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| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |