The last time literally the same news (deja vu) came out in 2021 about regulator crackdown on runaway IO price driven by speculation saw IO price plummeted $150 or 63% from ($237 on May 12) to ($87 on Nov 18) in the space of just 6 months.
Now the IO price (described as unacceptable) is just $120. So what a crackdown on $120 means is what we need to ask. The crackdown this time may have sustained power to keep IO price low say around $60 because domestic IO capacity built up over years can now be transported to coastal steel mills via newly built rail network.
If there is one thing I can confidently say is that within 2023, China will demand (as condition) settlement of IO trade in RMB with all foreign suppliers in global dedollarization. The Big 3 and Vale have had plenty of practices selling cargo in RMB in previous dry runs.
DYOR
The last time literally the same news (deja vu) came out in 2021...
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Last
$26.05 |
Change
0.380(1.48%) |
Mkt cap ! $80.20B | |||
| Open | High | Low | Value | Volume |
| $25.80 | $26.22 | $25.79 | $125.7M | 4.828M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 10772 | $26.03 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $26.08 | 1300 | 1 |
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| Last trade - 16.10pm 30/04/2024 (20 minute delay) ? |
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Last
$26.09 |
Change
0.380 ( 1.79 %) |
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| Open | High | Low | Volume | ||
| $25.81 | $26.22 | $25.78 | 876694 | ||
| Last updated 15.59pm 30/04/2024 ? | |||||
| FMG (ASX) Chart |