Spot for 62Fe is under $160 now, not saying it will stay there, but it's a fair hike back up to $185.
The latest research note (RCR) is using FOB of US$140, and freight costs of A$22. Assuming parity for simplicty, that's US$162, a bit over where the spot is now. Will be interesting to see what happens with Chinese steel production and there for ore demand over the next month.
If demand drops and the spot drops closer to $150 it'll get alot of media, could be some great buying for IFE, especially without debt funding in place.
UBS has just revaued RIO at $120, then you've got BA-Merrill Lynch with a target of $90. They can't both be right!!
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