FMG -4.97%: Out with December quarter production numbers today confirming they were on track to beat shipping targets however price realisation was low and costs were also on the up. FMG achieved ~68% of the benchmark Iron Ore price given it has lower quality Ore which was down from ~91% at the same time last year. Higher Coking Coal prices incentivises steel mills to run as efficiently as possible which makes higher quality Iron Ore more sort after. There is also an increase of ore from lower quality suppliers which makes it a more competitive space. They had guided to shipments to June 2022 of 185m tonnes however should ship just over that if current run rates hold.
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Performance update for March, stocks that drove returns & our current positioning
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Fri 19th April – ASC200 -117pts, Pilbara (PLS), Whitehaven (WHC) & Woodside (WDS)
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Market Matters Research Lead Shawn Hickman with David Koch
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Friday 19th April – DOW up 22pts, SPI down -55pts
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MM is neutral FMG around $19.50
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