All China will do is increase the world prices of scrap metal as they look to source it from outside their country, BSL were bringing parcels from US west coast but have had to look elsewhere due to US merchants wanting top dollar for the scrap. Ultimately the increase in scrap prices will result in increase in billet costs making the EAF steel mills less profitable.
FMG in a solid position as long as the stimulus and infrastructure spending being pushed by countries around the world comes to be, can't see IO price dropping anymore than 20% the rest of the year.
Iron ore price, page-29751
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$18.44 |
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Mkt cap ! $56.77B | |||
| Open | High | Low | Value | Volume |
| $18.38 | $18.54 | $18.33 | $196.7M | 10.67M |
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| No. | Vol. | Price($) |
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