Fortescue sinks again

Tuesday, 28 August 2018

Interesting to note that the Fortescue share price is again in free fall:

It’s not a very pretty chart with support around $3 and that’s about it. The culprit is discounts that just won’t narrow, via Platts:

Australian miner Fortescue Metals Group has maintained the discount for term contracts for 58.3%-Fe Fortescue Blend fines and 56.7%-Fe Super Special fines loading in September, contract customers said Friday.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.