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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Fortescue Metals Group Limited    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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China iron ore, steel futures rise on government stimulus hopes

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07/29/2020 | 11:51pm EDT

* Dalian iron ore prices rise for a third straight session

* Spot 62% iron ore unchanged at $109.5 per tonne

* China to complete local government special bond issuance by end-Oct

BEIJING, July 30 (Reuters) - Iron ore and steel futures in China inched higher on Thursday as Beijing aimed to complete local government special bonds issue by end-October, which is seen as a stimulus for infrastructure projects.

China has set the annual local government special bonds issue quota at 3.75 trillion yuan ($536.06 billion) this year. The finance ministry granted local governments the autonomy to use the proceeds, if they have a shortage of infrastructure projects.

The most active iron ore futures on the Dalian Commodity Exchange, for September delivery, rose for a third straight session, up 0.8% at 838 yuan ($119.79) per tonne as of 0230 GMT.

October delivery steel rebar, used as construction material, rose 0.5% to 3,765 yuan per tonne on the Shanghai Futures Exchange.

Hot-rolled coils rose 0.5% to 3,794 yuan a tonne.

FUNDAMENTALS

* Spot prices of iron ore with 62% iron content for delivery to China was unchanged at $109.5 per tonne on Wednesday from the previous session. <SH-CCN-IRNOR62>

* Shanghai stainless steel jumped 1.3% to 13,915 yuan a tonne.

* Dalian coking coal fell 1.4% and coke inched 0.2% lower.

* Rio Tinto believes China has had a sharp recovery from the COVID-19 economic slump, Chief Executive Jean-Sébastien Jacques said on Wednesday after the world's top iron ore miner reported stronger than expected half-year earnings.

* Miner Fortescue Metals Group on Thursday beat its full-year iron ore estimates with record shipments in the fourth quarter on the back of strong demand for the steel-making ingredient from China.

($1 = 6.9955 Chinese yuan renminbi) (Reporting by Min Zhang and Tom Daly; Editing by Vinay Dwivedi)


Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED 1.67% 16.48 End-of-day quote.54.16%
RIO TINTO GROUP -0.39% 91.94 End-of-day quote.-8.43%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.18% 6.71353 Delayed Quote.-3.36%
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Financials (USD)
Sales 2021 14 311 M - -
Net income 2021 5 499 M - -
Net Debt 2021 751 M - -
P/E ratio 2021 6,52x
Yield 2021 10,6%
Capitalization 35 784 M 35 827 M -
EV / Sales 2021 2,55x
EV / Sales 2022 3,27x
Nbr of Employees -
Free-Float 50,1%
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Mean consensus HOLD
Number of Analysts 18
Average target price 11,25 $
Last Close Price 11,63 $
Spread / Highest target 22,9%
Spread / Average Target -3,26%
Spread / Lowest Target -53,1%
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Managers
NameTitle
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
John Andrew Henry Forrest Chairman
Greg Lilleyman Chief Operating Officer
Ian Wells Chief Financial Officer
Mark Bradley Barnaba Deputy Chairman
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