MIN RIO BHP been hammered
FMG is outperforming these.
Its at 5 year lows not seen since June 2020 but not as bad as MIN though.
As for IOP, whether its 120, 90 0r 60, the issue is the costs and those are under $19 now -
"Fortescue Metals Group (FMG) reported a hematite C1 cost of $18.24 per wet metric ton (wmt) in the recent quarter, a 10% decrease from the previous quarter's $20.16 per wmt. Here's a more detailed breakdown:
Recent C1 Cost: FMG's hematite C1 cost was $18.24 per wmt in the recent quarter.
Previous Quarter C1 Cost: The C1 cost was $20.16 per wmt last quarter"
With low costs its a question of margin & thereby dividends & wages will be reduced.
But this is not an existential question of whether FMG will go bust like it was in 2005, 2008 or 2013 when it crashed way worse and its junk bonds were defaulting while it was begging for new debt.
Yes those INSTO SHORTS burnt me bad in 2015, all 30 stocks went up that day 5% EXCEPT FMG in a classic false start pattern and I HATE them on here ever since.
Today this panican SHORT attack cant last forever and stability will return as it always has here the last 20 years that ive been following FMG & AF,
meaning FMG SP will rebound V WHIPSAW style imho.
Only a matter of time. we saw it yesterday and today 3 times.
BURN THEM SHORTS, BURN, BURN !
FMG Price at posting:
$14.20 Sentiment: Buy Disclosure: Not Held
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