Iron ore price, page-47518

If you are a Guru you at the wrong place! You should be preaching peace and free love in Byron Bay rather than tell FMG holders how bad an investment in FMG is on Hot Copper forums. To understand the future of FMG look at reality rather the world as you would like it to be. An example of this is the steel making outlook for Europe. Steel making in Europe is basically finished. Germany is closing its its steel blast furnaces and the Jingye Group which owns Englands second largest steel mill has threatened closer if it does not receive hundreds of millions of pounds in subsidies because of rocketing energy prices. It intends to import Chinese steel to fill its European orders (sky news) if the UK government does not cooperate.
The EU intends to ban the export of scrap steel as it is classed as waste product similar to plastic and cardboard and should be recycled in the EU. No chance of that happening with electricity rationing for all EU industries this winter. To give an idea of the energy crisis here in France the price of wood has tripled in a few months, and this area in France is full of trees. Scrap steel if not exported will simply stay here in Europe and rust. The steel that Europe needs will have to be imported from you know where. China is building a new coal power station every week and with its massive steel making industrial complex will wipeout the European steel industry. No prizes guessing where the iron ore will be sourced from.
We are living in interesting times but we do not need a Guru to show the way to enlightenment for FMG holders. After my dividend landed in my bank account I believe I have found nirvana.
Good Luck to all holders
Cheers Wang44