This is very bad news for the country's budget etc. Tough times may have to be endured if the iron ore price does not bounce soon. Iron ore has dropped 46% this year. I'm currently stalking FMG and have been for a few months - wanting to grab a stash for the LT p/f - many will also be sitting on their hands now given their balance sheet forecasts and debt repayments may be out of whack - along with future dividend growth. A flash crash is not impossible at some stage - maybe we are witnessing it now. I think a fall below 2.8 is very likely.
FMG Price at posting:
$2.81 Sentiment: Hold Disclosure: Not Held
AGO Price at posting:
20.2¢ Sentiment: Buy Disclosure: Not Held
RIO Price at posting:
$58.52 Sentiment: Hold Disclosure: Held
