It’s got nothing to do with demand whatsoever, FMG is selling every single tonne of ore it ships but it’s the discount which is the huge issue at the moment.
I have no idea how they are planning to get the Chinese to no longer pay a 40% discount for their ore now that it’s basically ingrained in their DNA - it’s just not going to happen and the Chinese hold the all the cards at the moment and can basically dictate what they like.
The only chance FMG has is to try and find new customers for their ore but who can pick up the slate of 170M tonnes other than the Chinese.....no-one can and this is the major issue here.
I’m down 20% in the pup and bleeding bigtime but I’m worried not about FMG’s fundamentals but more about the macro environment at the moment with regards to iron ore.
Iron ore price, page-7416
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$19.54 |
Change
-0.370(1.86%) |
Mkt cap ! $60.16B | |||
| Open | High | Low | Value | Volume |
| $19.52 | $19.75 | $19.29 | $225.1M | 11.80M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2000 | $19.52 |
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| Price($) | Vol. | No. |
|---|---|---|
| $19.54 | 6420 | 1 |
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