We could see soon the end of this crazy selling and supressing of the the shareprice of AGO. Plenty of games being played with the shareprice by some big boys and we have become a bargain at todays shareprice imho.
Time to go back up as this company is piling up the cash in its bank account as we speak.
The following article will show those holders, who start to get nervous that all is fine and that the chinese are still need our iron ore badly....
And remember todays low shareprice could be very soon a thing of the past, so make the most of it......
And read this article carefully and you will realise that the chinese have very low inventories of iron ore and that analysts expect the japanese to become major consumers in the very near future due to the rebuilding of their country.
Good luck
jojo
Iron Ore-Prices rise for first time in a month as buyers return Fri Mar 18, 2011 6:56am GMT Print | Single Page[-] Text [+] * Falling ore stockpiles spur Chinese buying * Forward swaps extend gains
(Adds comments, Japan data) By Manolo Serapio Jr SINGAPORE, March 18 (Reuters) - Spot iron ore prices rose for the first time in a month and offers held firm on Friday, as Chinese steel mills returned to the market to replenish dwindling stockpiles. Prices for the steelmaking raw material had fallen 15 percent since hitting record highs near $200 a tonne in mid-February, as rising raw material costs and slow steel demand turned off top buyer China. But some Chinese mills are looking at increasing steel exports to the region as production at quake-hit Japan could slow and domestic demand may spike when reconstruction starts. Japan was Asia's biggest steel exporter last year. "We had always thought that the dearth of Chinese buying in recent weeks would not last -- steel production rates continue to record new highs and iron ore stocks can only sustain production for perhaps a month or two," Commonwealth Bank of Australia said in a note. China's daily crude steel output rose 0.5 percent from January to a record-high of 1.94 million tonnes in February. Inventories of imported iron ore at major Chinese ports fell to 79.59 million tonnes this week after climbing above 81 million tonnes towards the end of February. Iron ore indexes, based on spot transactions in China and which global miners use in determining quarterly contract prices, rose on Thursday, the first uptick since they touched record peaks in mid-February. The Steel Index's 62 percent benchmark .IO62-CNI=SI rose 30 cents to $163.90 a tonne, including freight, and Platts' 62 percent index IODBZ00-PLT jumped $1.50 to $166.50. Metal Bulletin's 62 percent gauge .IO62-CNO=MB edged up 60 cents to $163.49. Those gains may be sustained on Friday, as offers from sellers remained firm, with Indian 63.5 percent iron ore quoted at $170-$172 a tonne, said Chinese consultancy Mysteel. "Sentiment is improving and there are more inquiries," Mysteel added. LOW IRON ORE INVENTORY "Iron ore buyers have come back because a lot of Chinese steel mills are very, very low on iron ore inventory and they now need to buy to sustain themselves," said an iron ore trader in Shanghai. "But will they come to buy and disappear again which would make the price slide further, or will they stay for sometime which will help prices rebound? That is still an unanswered question." Further gains in iron ore forward swap prices on Thursday suggested confidence is slowly returning to the market. The Singapore Exchange-cleared April contract climbed 3 percent to $157.80 a tonne, May rose 2 percent to $154.80 and June gained 1.8 percent to $152.40. Before Thursday's rise, iron ore prices had weakened further after a massive earthquake and tsunami hit Japan last week on expectations Japan's demand for the raw material would drop with disruptions to steel production because of rolling power outages. But most traders said there had been no diversion of Japan-bound iron ore cargoes so far and analysts expect prices to rise when Japan begins rebuilding. "On the contrary I've heard that Japan is trying to get more iron ore now for use during the rebuilding phase. I heard they're buying from Indonesia," said another Shanghai trader. Japanese steel mills, which import around 11 million tonnes of iron ore a month, normally buy the material via long-term contracts with global miners such as Vale , Rio Tinto and BHP Billiton . Data on Friday showed Japan's crude steel output rose 5.7 percent in February from a year ago, although analysts expect production to fall this month.
(Editing by Ramthan Hussain) ? Thomson Reuters 2011 All rights reserved