Yes I agree that one of the big obstacles is the international economy and future demand for IO.Seeing that more product is coming on line.
They say sell in May and go away,well that was what happened.This month all IO producers were vunerable to the technical failure in the markets.BHP,RIO,Fortescue,Atlas-the lot.Fears that Europes debt woes could force a slowdown in China,have pressured IO prices.
The fall this month has been 6.7% to $130.00 a tonne-making the fall 8.7% for the year to date.
Atlas Iron exports 46.5 million tonnes a year out of Port Headland and have said that their customers would buy more IO if they could supply it.They also say that there is no softness in Chinese demand.
EQX Price at posting:
$2.06 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)