FMG 4.01% $19.73 fortescue ltd

you need to learn some basics, supply & demand drive price. If...

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    you need to learn some basics, supply & demand drive price. If supply fall with demand then price won't rise automatically.

    as above it was trading below $8 when io price was below $90 for long periods so nothing that you explained happened until demand picked-up due to China COVID stimulus.
 
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