Get short.
Dalian limit down today (~equiv $54 Q3 price). Rebar trading weak. All while AUD trades .81+
Fundamentals all point down - BHP and RIO reiterated FY15 production #s today. Further 100mt incremental low cost supply introduced this year moves us down marginal cost curve with obscurity over Chinese concentrate production likely to keep volatility up in medium term. Downstream demand remains weak. Gradual monetary easing as has been the case = limited demand catalysts.
Situation in China is dire. SOEs still mandated to prop up high cost producers. Credit still tight leading to inefficient allocation. FMG FB/SSF at lower end of spectrum, not capturing the increasing lump premium that big 3. Sentiment from mills extremely bearish for remainder of year. Take from it what you will...
Get short. Dalian limit down today (~equiv $54 Q3 price). Rebar...
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Last
$18.24 |
Change
0.265(1.47%) |
Mkt cap ! $56.17B | |||
| Open | High | Low | Value | Volume |
| $18.09 | $18.32 | $18.06 | $71.41M | 3.930M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 16 | 12576 | $18.23 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.24 | 4934 | 14 |
View Market Depth
| Last trade - 14.00pm 26/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |