Iron ore futures overreacted today on the credit tightening news which is old news.
62% iron ore was down $2.40 today to $108.60, 58% unchanged.
Chinese steel production is still at record levels as are iron ore imports.
The fundamentals are still intact and FMG is a different company now, it still makes $40 per ton even with iron ore at these levels, you do the math based on 155mtpa plus.
The stockpiles represent 5 weeks usage, this is within the norm of historical usage levels so I'm not sure why it's always raised as an issue.
Nothing has changed and if the price does stay at these levels it will just curb supply from Chinese iron ore miners who are unprofitable at these levels thereby increasing demand of imported ore.
It's another buying opportunity.
what happened?, page-25
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$17.43 |
Change
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Mkt cap ! $53.66B | |||
| Open | High | Low | Value | Volume |
| $17.56 | $17.84 | $17.21 | $174.0M | 9.955M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3000 | $17.41 |
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| Price($) | Vol. | No. |
|---|---|---|
| $17.46 | 25752 | 1 |
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| FMG (ASX) Chart |