China will be buying hardly any iron ore for months because they have prepared a massive war chest (thanks to ScoMo and Dutton) of domestic ore capacity now being unleashed (common sense tells you country-wide steel production curbs wouldn't be possible otherwise : but I reckon steel production isn't actually being cut at all and it's just an excuse to plunge Pilbara IO import).
Soon the capsize carriers will be told to drop anchor as they choke the waters near Qingdao and Tianjin unable to unload while Pilbara storage pits fill up and the IO has nowhere to go.
IO price soon will now fall to the mid $70s over the next 2 weeks and then go straight to the $50s. Think that will be mid October latest. I think IO price will see "4" before Xmas.
Decoupling is now irreversible. Economic destruction is inevitable as iron ore is just the tip of the iceberg. Now ScoMo is flying to Washington to help sever our relationship with the country that gave us economic prosperity for the last 2 decades.
Mind boggling.
China will be buying hardly any iron ore for months because they...
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$19.24 |
Change
0.265(1.40%) |
Mkt cap ! $59.56B | |||
| Open | High | Low | Value | Volume |
| $19.11 | $19.40 | $19.11 | $29.21M | 1.513M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 9 | 2275 | $19.23 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.24 | 2111 | 7 |
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| Last trade - 11.04am 10/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |