FMG shares break $20 on fresh iron ore high

THE iron ore price hit a new seven-year high overnight as Vale announced underwhelming guidance for 2020 and 2021.

FMG shares break $20 on fresh iron ore high FMG shares break $20 on fresh iron ore high FMG shares break $20 on fresh iron ore high FMG shares break $20 on fresh iron ore high FMG shares break $20 on fresh iron ore high

An FMG truck carrying iron ore in the Pilbara

The Brazilian major cut its 2020 guidance overnight from "at least" 310 million tonnes to 300-305Mt.

Guidance for 2021 of 315-335Mt was below analysts' forecasts of 340-350Mt.