This is quite interesting. PB Fines which is considered the yardstick for the benchmark FE mid grade price is now at an identical port price to WPF. Obviously there have been issues with that product of late but who knows, maybe WPF has moved from lower mid grade to the new premier FE mid grade product.
3 months back WPF trailed PB fines by 32 yuan and Jimbelbar by 7 yuan. It now leads JB by 45 yuan. (See below shots from July port prices and 25 Oct port prices)
Given WPF will make up 10% of total output in the next year and then up to 25%, the FMG weighted discount may “structurally” stay at < 20% permanently.
Without turning this into a whole valuation spill, even if FMG were to realise USD 52 per tonne being a generous 20% less than a very conservative USD 65, it would still generate a profit of USD 1.9B or about AUD 2.7B at about 0.71 AUD/USD rate. Metrics are looking pretty pretty good....
This is quite interesting. PB Fines which is considered the...
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Last
$21.62 |
Change
-0.420(1.91%) |
Mkt cap ! $66.56B | |||
| Open | High | Low | Value | Volume |
| $21.61 | $21.78 | $21.48 | $190.2M | 8.611M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 15504 | $21.61 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.62 | 6560 | 1 |
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| Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |