Fortescue overshoots to the downside

JUST as oils ain’t oils, so it is with iron ore. There has been a sharp reminder of that with the A$2 billion value hit taken by Andrew Forrest’s one-third owned Fortescue Metals since its revealed that the discount applied to its 58% iron Pilbara product had blown out in the March quarter something shocking. By Barry FitzGerald

Fortescue overshoots to the downside Fortescue overshoots to the downside Fortescue overshoots to the downside Fortescue overshoots to the downside Fortescue overshoots to the downside

Already under pressure from the long-anticipated retreat in the 62% iron reference price for iron ore from the magical US$94.