Good outlook for IRON ORE, page-4

While I remain positive on short term outcomes for SDL if we're looking at Iron Ore cycle I think it may have peaked for the foreseeable future.

Fiscal impulse from China will be measured to control downside.


The run since 2016 is more like to roll over than continue upwards.


More chance of it being peak in cycle for FMG as a consequence of above.


Not to say that we won't have another great cycle down the road.