FEX 11.0% 26.3¢ fenix resources ltd

Research Coverage Initiated - MST Access, page-58

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    The case for iron ore

    Through the back end of 2023 unexpectedly high rates of steel production, low stockpiles and high steel export levels sent iron ore prices paid in China back to historically strong levels in excess of US$140/t.

    They’ve slid back recently, falling to US$127.10/t on Friday as the Lunar New Year keeps demand in check.

    But Forwood said there were plenty of reasons to think the iron ore market was in a stronger position than analysts gave it credit for, noting the role steel would also play in the energy transition alongside EV and electrification metals like nickel, lithium, graphite, cobalt and copper.

    “It’s still a magnificent price,” he said, noting China was not keeping blast furnaces operating at high utilisation rates “just to keep people employed”.

    DYOR please
 
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