Accaeric, Declining port inventories makes perfect sense to me. Especially with the numbers a couple of weeks old.
We know there was record shipments out of Port Hedland, heading to China in June, so clearing space for it the extra about to turn up makes sense. BHP, RIO and FMG have increased shipments, so have Vale. We know there is extra tonnages due this year and next with the majors ramping up. This is just the start and expecting lower prices ahead as this extra IO turns up in China in July-December should hold prices lower than the recent covering rally.
I think lower port inventories are why IO prices went up in April/May, now the price is telling us those port inventories will go up in the future as all the extra IO arrives at the ports.
Iron Ore Price, page-294
-
- There are more pages in this discussion • 19,764 more messages in this thread...
This thread is closed.
You may not reply to this discussion at this time.
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add FMG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$21.26 |
Change
0.000(0.00%) |
Mkt cap ! $65.45B | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | $21.70 | $21.02 | $956K | 36K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3516 | $22.33 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.14 | 342 | 1 |
View Market Depth
| Last trade - 09.45am 25/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |
Day chart unavailable