The Fortescue (ASX:FMG) share price is down 31% in 7 weeks. What’s next?

the fortescue asxfmg share price is down 31 in 7 weeks whats next

Sumary of The Fortescue (ASX:FMG) share price is down 31% in 7 weeks. What’s next?:

  • Unfortunately for shareholders, more steel production curbs are being imposed in China.
  • This continues to weigh on the weakening price per tonne of iron ore.
  • Policies stronger than steel What was once booming is now bending back down at the peril of China’s production curbs.
  • Iron ore prices fell another 4.5% yesterday to a 10 month low of US$123.84 a tonne.
  • According to reports, China’s steel-producing province Yunnan has instructed steel mills to ensure crude steel output decreases in 2021. Meanwhile, government documentation noted that part of September’s planned production would be delayed to November and December.
  • The steel mills of Yunnan province are responsible for approximately 2.3% of China’s total crude steel production.
  • If supply was to increase out of pace with demand, this could potentially weaken iron ore prices further, likely dampening the Fortescue Metals share price.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.