According to Shanghai Metals Market the 62% fines CFR Qingdao is actually up!
SGX tumbled yesterday.
FMG suffered a broker downgrade from Goldman Sachs on Thursday which I don’t agree with naturally.
The thing that stuck out with the Goldman paper was the number of times they warned the reader that they are not unbiased and have a position in the stock.
My guess is that could become an very expensive error for GS once the iron ore market and more particularly the steel mills in China adjusts to the new regime. This latest jawboning by China will help sow the seeds of a more global steel industry and Chinas own expense. The demand for steel hasn’t changed.
Iron ore price, page-34590
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$18.87 |
Change
0.590(3.23%) |
Mkt cap ! $58.10B | |||
| Open | High | Low | Value | Volume |
| $18.86 | $18.90 | $18.44 | $375.1M | 19.96M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 900 | $18.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.88 | 3586 | 4 |
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| Last trade - 16.10pm 31/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |