Yesterday saw iron ore fall to fresh 16-month lows as it looks for a new level of equilibrium but encouragingly FMG maintained its hold on the $14 area. We continue to believe that FMG represents good value at current levels and a minor recovery in iron ore could easily see the stock 20% higher i.e. a stock that doesn’t fall on bad news is strong, or in this case looking for a low. Also the stock pays its next dividend in February which might start to garner some attention from the income hungry over the coming weeks.
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