I was reading that global steel production was down around 7% in January compared to pcp. So a lot of high cost IO production must have dropped out over the Northern winter, particularly in China. Fits in with the Chinese wanting to reduce capacity and pollution. Shut down the crappy local stuff and import higher quality. Sub US$50 IO also puts the squeeze on the recyclers. Even just two qtrs @ $50 will give FMG about US$1.5 billion of free cash flow just in six months.
Iron Ore Price, page-5040
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$17.73 |
Change
-0.210(1.17%) |
Mkt cap ! $54.59B | |||
| Open | High | Low | Value | Volume |
| $17.86 | $18.00 | $17.67 | $106.1M | 5.956M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3136 | $17.73 |
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| Price($) | Vol. | No. |
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