There must be other factors at play here for the reason why the share price dropped over 2% today.
Iron ore prices are still very healthy and have already mostly recovered on the future exchanges this afternoon.
Dalian January contract is currently 980rmb per tonne (Friday it was trading between 975-995rmb) .
Singapore December contract is trading at 132-133 USD per tonne.
These prices are still nearly at recent all time highs. And I feel bemused how the recent comments about increasing interest rates would affect the mining companies. I understand that higher interest rates lower economic growth but well FMG customers are not beholden to Australian monetry policy.
My feeling is unless I missed something the price retreat is almost purely sentiment driven without much fundamental factors backing it up.
Iron ore price, page-50954
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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 |
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| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |