It seems to be largely sentiment driven. The IO market was expected to take a hit in the short run.
What's likely to drive the FMG price higher now is expectations about the long term IO price. These daily moves aren't going to have as much of an effect given we SP has already dropped circa 40%.
The yield from here based on the current and last quarters IO realised prices will support FMG into the short term I'd say.
I also think the speed at which the green FFI venture is gaining pace is helping to support a new investment narrative for FMG.
That's my read anyway.
Iron ore price, page-40177
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Last
$18.75 |
Change
-0.240(1.26%) |
Mkt cap ! $57.73B | |||
| Open | High | Low | Value | Volume |
| $18.53 | $18.75 | $18.44 | $216.3M | 11.60M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1990 | $18.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.76 | 47022 | 3 |
View Market Depth
| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |