FMG share price, page-5

From Macquarie 7 Dec 2016 :
After a weak mid-October to mid-November, iron ore shipments from Australia and Brazil have picked up over the past couple of weeks, according to preliminary port data. The run rate of shipments is currently close to YTD highs seen in late-August, with Australian exports 8% higher than the YTD average and Brazilian volumes 6% higher. On a YoY basis the past two weeks have seen growth of around 10%, flattered by the roll-off of Samarco volumes from last year, which has improved comps. We reiterate our view that iron ore prices should fall into year-end as supply increases and demand falls sequentially.