- Joined
- 20 December 2007
- Posts
- 745
- Reactions
- 0
out at 2.52 
its just getting smashed - maybe twiggy is selling who knows?!
its just getting smashed - maybe twiggy is selling who knows?!
FMG - Fortescue Ltd
- Thread starter GreatPig
- Start date
out at 2.52
its just getting smashed - maybe twiggy is selling who knows?!
Capitulation, the last of the sellers, time for a turnaround?
I doubt twiggy would abandon ship at these prices.
- Joined
- 20 December 2007
- Posts
- 745
- Reactions
- 0
well the selling seems to be endless - like when is it going to stop situation?!
thats why i think a substantial holder is selling ,,
also notice whenever their is a purchase or sell, its in huge quantities
i am watching course of sales
Quite so!
Someone, or someones, are buying in big quantities, matching the big sellers.
The market for iron ore is very fragile at present and all companies, particularly the newer producers such as FMG are being hammered. Don't try to read too much more than that into the equation.
Someone, or someones, are buying in big quantities, matching the big sellers.
The market for iron ore is very fragile at present and all companies, particularly the newer producers such as FMG are being hammered. Don't try to read too much more than that into the equation.
- Joined
- 20 December 2007
- Posts
- 745
- Reactions
- 0
Quite so!
Someone, or someones, are buying in big quantities, matching the big sellers.
The market for iron ore is very fragile at present and all companies, particularly the newer producers such as FMG are being hammered. Don't try to read too much more than that into the equation.
also...
i notice huge buyers, e.g. 500,000s are already lined up at a lower prices..
is this any indication of whats to come
i bet someone knows something
This from Compare Shares today.
News
Rio, Fortescue cut iron ore output
AAP
10/11/2008 2:03pm Email to a friend Print article
Iron ore producers Rio Tinto Ltd and Fortescue Metals Group Ltd have each cut annual production of the steel making commodity by ten per cent after a slowdown in Chinese demand.
The move mirrors a decision last month by the world's largest iron ore producer, Brazil's Vale, to reduce output by 30 million tonnes a year in response to softening demand.
Rio Tinto chief executive Tom Albanese said the reduction from its Western Australia mines was to align production with revised customer delivery requirements after Chinese demand dropped in this quarter.
"We believe this will be a short, sharp slowdown in China, with demand rebounding over the course of 2009, as the fundamentals of Chinese economic growth remain sound," Mr Albanese said in a statement.
The Reserve Bank of Australia (RBA) said on Monday China's annual growth rate had dropped back to a "still-rapid" nine per cent in the year to the end of September, reflecting measures to restrain domestic demand.
The central bank also said in its monetary policy statement released Monday that it was increasingly clear the global commodity price cycle had peaked and that a price fall was expected in the months ahead.
Rio Tinto has revised its iron ore shipments for calendar 2008 to between 170 million tonnes and 175 million tonnes, down from 190 million tonnes and 195 million tonnes.
Steel companies worldwide have initiated a significant cut to production amid the global financial crisis leading to a weakening demand for iron ore, a key steel-making ingredient.
Fortescue, Australia's third largest iron ore producer, has brought forward a planned shutdown to upgrade port and mine processing facilities, reducing calendar 2008 output by 2 million tonnes or 10 per cent.
The company last month temporarily deferred plans to expand its operation in WA to 80 million tonnes per annum, but expects to ramp-up the mine to an annual capacity of 55 million tonnes by the end of March, 2009, "subject to market conditions".
BHP Billiton Ltd, the world's third largest iron ore producer, said there was no plans to cut output from its Pilbara operations in WA at this stage.
"We have no plans to cut production," BHP Billiton spokesman Peter Ogden told AAP.
But an analysts said cuts could still occur.
"I think you'll definitely see BHP come out with some news. They'll have to now," DJ Carmichael analyst James Wilson told AAP.
"There is an oversupply (of iron ore) in the Asian ports at the moment and there are no surprises these guys are cutting production."
BHP Billiton is expected to produce about 137 million tonnes of iron ore from its WA mines in 2008/09, up from 122 million tonnes in the previous corresponding period.
Mount Gibson Iron Ltd has been forced to sell its iron ore at a significant discount and will cut a third of its workforce after some of its customers defaulted on binding offtake agreements last month.
Rio Tinto spokesman Gervase Greene said the company did not expect to lay-off any workers as a result of the production cut.
Shares in Rio Tinto had gained $5.79 to $78.06 by 1400 AEDT, BHP Billiton had put on $2.04 to $29.97, Fortescue Metals had added three cents to $2.63, while Mt Gibson had picked up 3.5 to 41.5 cents.
News
Rio, Fortescue cut iron ore output
AAP
10/11/2008 2:03pm Email to a friend Print article
Iron ore producers Rio Tinto Ltd and Fortescue Metals Group Ltd have each cut annual production of the steel making commodity by ten per cent after a slowdown in Chinese demand.
The move mirrors a decision last month by the world's largest iron ore producer, Brazil's Vale, to reduce output by 30 million tonnes a year in response to softening demand.
Rio Tinto chief executive Tom Albanese said the reduction from its Western Australia mines was to align production with revised customer delivery requirements after Chinese demand dropped in this quarter.
"We believe this will be a short, sharp slowdown in China, with demand rebounding over the course of 2009, as the fundamentals of Chinese economic growth remain sound," Mr Albanese said in a statement.
The Reserve Bank of Australia (RBA) said on Monday China's annual growth rate had dropped back to a "still-rapid" nine per cent in the year to the end of September, reflecting measures to restrain domestic demand.
The central bank also said in its monetary policy statement released Monday that it was increasingly clear the global commodity price cycle had peaked and that a price fall was expected in the months ahead.
Rio Tinto has revised its iron ore shipments for calendar 2008 to between 170 million tonnes and 175 million tonnes, down from 190 million tonnes and 195 million tonnes.
Steel companies worldwide have initiated a significant cut to production amid the global financial crisis leading to a weakening demand for iron ore, a key steel-making ingredient.
Fortescue, Australia's third largest iron ore producer, has brought forward a planned shutdown to upgrade port and mine processing facilities, reducing calendar 2008 output by 2 million tonnes or 10 per cent.
The company last month temporarily deferred plans to expand its operation in WA to 80 million tonnes per annum, but expects to ramp-up the mine to an annual capacity of 55 million tonnes by the end of March, 2009, "subject to market conditions".
BHP Billiton Ltd, the world's third largest iron ore producer, said there was no plans to cut output from its Pilbara operations in WA at this stage.
"We have no plans to cut production," BHP Billiton spokesman Peter Ogden told AAP.
But an analysts said cuts could still occur.
"I think you'll definitely see BHP come out with some news. They'll have to now," DJ Carmichael analyst James Wilson told AAP.
"There is an oversupply (of iron ore) in the Asian ports at the moment and there are no surprises these guys are cutting production."
BHP Billiton is expected to produce about 137 million tonnes of iron ore from its WA mines in 2008/09, up from 122 million tonnes in the previous corresponding period.
Mount Gibson Iron Ltd has been forced to sell its iron ore at a significant discount and will cut a third of its workforce after some of its customers defaulted on binding offtake agreements last month.
Rio Tinto spokesman Gervase Greene said the company did not expect to lay-off any workers as a result of the production cut.
Shares in Rio Tinto had gained $5.79 to $78.06 by 1400 AEDT, BHP Billiton had put on $2.04 to $29.97, Fortescue Metals had added three cents to $2.63, while Mt Gibson had picked up 3.5 to 41.5 cents.
Probably no more than that someone thinks that FMG has been oversold at these levels and is now prepared to take a position.
The market works that way!
- Joined
- 28 February 2008
- Posts
- 24
- Reactions
- 0
I think if anyone hasnt pulled out so far....then there is no reason to rush out assuming you accumulated at higher prices than current.
Its harsh to judge FMG or any other company given the market conditions currently!! My suggestion is that if you think according to YR you need to pull out...do so nicely without the smear campaign. If you are geared, by any means pay up abit of that and stay safe.
I'm holding after leveraging and quietly buying back at these low prices. I mean if you paid $10/share at some stage based on some research you did a while back....why not revise it and find your entry/exit points. The world is always in need of iron and an economic down turn isnt going to extinguish this need, but thats not to say some companies wont be "extinguished" so to speak.
Its harsh to judge FMG or any other company given the market conditions currently!! My suggestion is that if you think according to YR you need to pull out...do so nicely without the smear campaign. If you are geared, by any means pay up abit of that and stay safe.
I'm holding after leveraging and quietly buying back at these low prices. I mean if you paid $10/share at some stage based on some research you did a while back....why not revise it and find your entry/exit points. The world is always in need of iron and an economic down turn isnt going to extinguish this need, but thats not to say some companies wont be "extinguished" so to speak.
- Joined
- 19 March 2008
- Posts
- 110
- Reactions
- 0
at AgroSo by your thinking BHP must be a dog too - down 50% from it's highs in May
Capitulation alright.
Someone is buying all these shares remember
- Joined
- 20 December 2007
- Posts
- 745
- Reactions
- 0
So by your thinking BHP must be a dog too - down 50% from it's highs in May
Capitulation alright.
Someone is buying all these shares remember
After capitulation selling, it is thought that there are great bargains to be had. The belief is that everyone who wants to get out of a stock, for any reason (including forced selling due to margin calls), has sold. The price should then, theoretically, reverse or bounce off the lows. In other words, some investors believe that true capitulation is the sign of a bottom.
I will keep it on my watch list - they have maintaince to do but I spose better to do it now when demand is down then in march when it recovers.
- Joined
- 8 November 2007
- Posts
- 314
- Reactions
- 0
I had to dig up these old quotes for you guys especially, remember reading it and thinking I want to look back in a few months and see how FMG goes. All the people lambasting this investor for selling and missing out on $20 million, but suddenly that $8 doesn't look so bad.
Moral of the story? Good old Warren Buffett said it best; "Be fearful when others are greedy, and be greedy when others are fearful."
- Joined
- 1 May 2007
- Posts
- 2,904
- Reactions
- 52
Why thank you, it was a hard choice to make on the day, but selling at $8 was too attractive to pass :
:
- Joined
- 8 November 2007
- Posts
- 314
- Reactions
- 0
Why thank you, it was a hard choice to make on the day, but selling at $8 was too attractive to pass
Glory hog
:BTW, I feel for you agro, what price did you buy in at? It wasn't substantial I hope.
- Joined
- 19 March 2008
- Posts
- 110
- Reactions
- 0
sorry to harp on about this agro but why would you sell then still want to buy back in at around the price you sold?
or will you look for an entry way below your sold price?
how much will you have to gain if you buy in again to make up the difference that you lost?
also you didn't answer about BHP. what makes FMG now a 'dog' compared from when you bought? apart from the stock market crach which has pushed all stocks down
or will you look for an entry way below your sold price?
how much will you have to gain if you buy in again to make up the difference that you lost?
also you didn't answer about BHP. what makes FMG now a 'dog' compared from when you bought? apart from the stock market crach which has pushed all stocks down
- Joined
- 30 June 2008
- Posts
- 69
- Reactions
- 0
My FMG story.
bought 1000 @ 6.0
Sold 1000 @ 7.0
bought 1000 @ 8.89
sold 1000 @ 8.51
bought 650 @ 4.75
sold 650 @ 2.85
(my next order is 1000 @ 2.0)
bought 1000 @ 6.0
Sold 1000 @ 7.0
bought 1000 @ 8.89
sold 1000 @ 8.51
bought 650 @ 4.75
sold 650 @ 2.85
(my next order is 1000 @ 2.0)
- Joined
- 1 May 2007
- Posts
- 2,904
- Reactions
- 52
Hey... that sounds like revenge trading; quit while you're ahead. Apologies if its not.
Good luck.
Rio Tinto, Fortescue cut iron ore output
THE ASSOCIATED PRESS
MELBOURNE, Australia -- Australian iron ore miners Rio Tinto Ltd. and Fortescue Metals Group Ltd. said Monday they have each cut their annual production by 10 percent due to weakening demand from China.
The move follows a decision last month by Brazil's Vale, the world's largest iron ore producer, to cut its annual ore production by 30 million metric tons as demand for steel crumbles because of the global economic crisis. BHP Billiton Ltd., the world's third-largest iron ore producer, said it had no plans to cut production ........
THE ASSOCIATED PRESS
MELBOURNE, Australia -- Australian iron ore miners Rio Tinto Ltd. and Fortescue Metals Group Ltd. said Monday they have each cut their annual production by 10 percent due to weakening demand from China.
The move follows a decision last month by Brazil's Vale, the world's largest iron ore producer, to cut its annual ore production by 30 million metric tons as demand for steel crumbles because of the global economic crisis. BHP Billiton Ltd., the world's third-largest iron ore producer, said it had no plans to cut production ........
- Joined
- 12 January 2005
- Posts
- 315
- Reactions
- 0
RIO and VALE have the balls to name things by their name, cut production. Instead FMG comes with a nice word to avoid bad press, as I said before, FMG is a death mine walking (DMW).
This is actually a good news for those of us tired of hearing the same blafing about the 80 mtp and all that crap. This sets the scene, 2008 below 40mtp and 2009 below 50mtp as simple as that. Reaffirm my previous post, I believe they will give a huge loss around 2blns.
Can RIO or BHP buy this for 2blns? That is too expensive, who wants to get more production if you are cut it off?
WBII
- Joined
- 11 April 2008
- Posts
- 212
- Reactions
- 0
some very good points ^^^^
i would think bhp could and would afford to buy fmg-whats the chances=well anything goes in this market-
they were going or wanted to pay 100 billion+ for rio-but rio just does more then iron ore so thats a different story all together
could be a cheap investment---
its not looking good for fmg today
happy trading guy's
- Joined
- 9 July 2006
- Posts
- 5,963
- Reactions
- 1,624
l can't believe how low it is going. Looks like it might be heading south of the $2.00 mark soon. Another rough night on Wall St and it's a strong possibility.
