The 5 per cent call in Fortescue’s share price on Monday reflects pressure on iron ore prices in the last month. But like BHP and Rio Tinto, it remains bullish on China’s recovery.
Fortescue Metals Group continued this theme on Monday. While its March-quarter output dipped slightly from the year-earlier period, this followed two record quarters for FMG and the company’s full-year guidance was unchanged.Fortescue’s new mining boss, Fiona Hick,
This is a milestone for Fortescue, particularly given the project has been beset by cost overruns and construction challenges that led to a significant management overhaul in 2022.
They argued that while steelmaker margins are under real pressure now, inventories are further drawn down and demand in China has improved in recent weeks. “There have been rumours of production cuts in recent weeks, but our analysis suggests that demand in China is actually going to increase year-on-year. We’re seeing demand in China improve in recent weeks.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Labor to extend $12 gas price capLabor is looking to extend the duration of its $12 per gigajoule gas price cap beyond December, with an announcement possible as soon as Monday, despite warnings from industry of a deteriorating investment climate and concerns it could further harm supply.
Read more »
Albanese has been ‘very upfront’ about decision-making in Australia’s defencePrime Minister Anthony Albanese says his government has been “very upfront” about decision-making in Australia defence. “We have a review so that you have it, so that you do the analysis and then you make an announcement on the basis of it,” Mr Albanese said in a press conference on Monday. “So we won’t pre-empt that review, we have been very upfront about where decisions have been made, about the Land 400 program and we will have that review, it is reporting in the third quarter of this year and then of course we will make public what the results of that review are.”
Read more »
Sky News host questions Ipswich locals about energy price reliefSky News host Amanda Stoker hit the streets in Ipswich to ask locals if they would prefer a “sugar hit of cash” to help with the cost of energy or a government prepared to do serious policy work to bring down energy prices in the long term.
Read more »
Democrats ‘think he’s too old’: Biden gets doctor’s note to prove ‘he’s fit’Joe Biden’s popularity rating has been dropping as the Democrats “think he is too old” – however the US president claims he “got a note from his doctor that he was fit”, says Curtin University Political Analyst Joe Siracusa. Professor Siracusa’s comments come as Biden is expected to officially announce next week his run in the 2024 Presidential race. “Well, I can get a note from my doctor to say I’m going to play right field for the New York Yankees on Monday but that’s not going to happen,” Professor Siracusa told Sky News Australia. “It’s just ridiculous.”
Read more »