Goldman Sachs beggar belief - what an absolute piece of **** posing as analysis.
The facts are.
China has mines producing over 300m tons a year which require prices better than 65 a ton to break even. Many of these are linked to poorly performing inefficient steel mills (vertically integrated). Reducing capacity in poor steel mills in going to take iron ore production with it probably of a higher order in volume terms. China is turning the taps off on their iron ore mines as well as their unproductive steel.
Chinese steel mills lost $17billion last year all State owned. The Chinese Government can't afford a repeat. Clearly its strategy is to close the worst and support the rest via improved steel prices.
And isn't it funny everytime Fortescue goes on a run Goldman puts out this stuff. Tell me they aren't exposed to long term short positions.
Goldman Sachs beggar belief - what an absolute piece of ****...
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
$17.73 |
Change
-0.210(1.17%) |
Mkt cap ! $54.59B | |||
| Open | High | Low | Value | Volume |
| $17.86 | $18.00 | $17.67 | $106.1M | 5.956M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3136 | $17.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.76 | 10562 | 2 |
View Market Depth
| Last trade - 16.10pm 15/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |