|Day's Range||4.62 - 4.72|
|52 Week Range||3.30 - 7.27|
|PE Ratio (TTM)||7.70|
|Dividend & Yield||0.26 (7.50%)|
|1y Target Est||N/A|
Citi is the latest bank to take aim at iron ore, forecasting prices will fall below $50 a tonne by the end of the year as it downgraded Fortescue Metals Group (FMG.AU) to sell. Iron ore has been smashed since reaching a high of roughly $95 a tonne in February amid concerns about new sources of supply, like Hancock Prospecting's Roy Hill, and hefty Chinese stockpiles of the steel making ingredient. Iron ore last traded around $56 a tonne.
China's economy may be ticking over nicely according to the latest data but analysts are wary iron ore prices may see further downside despite the Middle Kingdom's resilience. Iron ore prices are trading at an 11-month low around $53 a tonne and Deutsche Bank sees the steel making ingredient falling below $50 a tonne in 2018. Traders continue to be concerned about China's moves to rein in leverage - and its impact on economic activity - and the supply of iron ore as new mines like Hancock Prospecting's Roy Hill add to a well supplied global market.
The world’s top steelmaker may have a shortage of steel. China has a lack of rebar, according to iron ore miner Fortescue Metals Group Ltd., which says a shortfall of the key product helps to explain a ...