China mills are designed for our iron ore.
Brazil costs more by ship which is why China needs to buy from us and that won't ever change.
Aussie government not bashing China at present. They have got trade back on track of late so relations are good.
The reason why miners are taking a hit is more to do with what is going on with the coming US election.
Markets had factored in a Trump victory but that has all changed now. Harris more likely to win which I prefer
over the mad Trump any day of the week.
Iron ore price is down a bit and shorting has created that perfect storm.
Reporting season starts August 28 the the share price will rise from the ashes so to speak.
IO rises later in the year too which is a normal course of events.
China still buying our ore.
Brazil ships 388 million tonnes of IO each year. 64% of that goes to China.
Australia ships around 930 million tonnes of IO each year and 85% goes to China.
China mills are designed for our iron ore.Brazil costs more by...
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Last
$18.97 |
Change
-0.300(1.56%) |
Mkt cap ! $58.40B | |||
| Open | High | Low | Value | Volume |
| $19.01 | $19.33 | $18.71 | $210.2M | 11.07M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1879 | $18.95 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.97 | 39173 | 3 |
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| Last trade - 16.10pm 09/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |