No reason to fore any producer to cut their production as we are in a free market.
But the way Mr Walsh dealing with publicity was very poor and damages RIO's social image and it's not acting as a "good social corporate citizen". As a result, they would grab more attention from the government, such as ATO to probe their tax schemes. I don't think that was a good move for RIO's shareholders.
Iron ore price is finding a balance in its own course. I would guess US$60/dmt will be the floor and it's enough to force out the high cost producers and keep balance of demand and supply.
FMG would make annual cash flow of US$2b at the spot price of US$60/dmt, so it's enough to pay off all debts by 2019.
No reason to fore any producer to cut their production as we are...
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Last
$21.34 |
Change
-0.185(0.86%) |
Mkt cap ! $65.85B | |||
| Open | High | Low | Value | Volume |
| $21.60 | $21.64 | $21.31 | $18.91M | 880.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 14 | 9868 | $21.33 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.34 | 5353 | 17 |
View Market Depth
| Last trade - 11.04am 23/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |