In today’s briefing:
- Iron Ore Tracker (07-Aug-2024): Port Arrivals High, Inventory Piles up at 35 Ports
Iron Ore Tracker (07-Aug-2024): Port Arrivals High, Inventory Piles up at 35 Ports
- Iron ore bounced from the 100 USD/ton level and has maintained a rangebound level between 95 and 130 USD/ton for the last three years.
- Inventories at the ports continued to increase, surpassing 150 million tons, representing about 38 days of inventory (normalized levels around 35 days).
- After Capital Group’s recent selldown, Fortescue Metals (FMG AU) looks attractive (with a trailing dividend yield of 11% and 6.5x PE) and could be worth exploring.
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