He thinks gold’s going to potentially stay subdued for a little bit longer and the iron ore miners are going to start to rally,” Dawes told Stockhead yesterday. “We had our analyst (meeting) this morning (and the) first line Rocky – Peter O’Connor – basically said was ‘buy iron ore and sell the gold stocks’. Shaw and Partners’ analysts, led by well known stock researcher Peter “Rocky” O’Connor, have quickly turned supportive of iron ore stocks. It prompted Morningstar for one to knock down its fair value estimates on the major iron ore miners and royalty company Deterra (ASX:DRR), putting targets of $39 on BHP (ASX:BHP), $89 on Rio Tinto (ASX:RIO) and just $10 on Fortescue (ASX:FMG).Īdam Dawes, senior investment advisor at Sydney stockbrokers Shaw and Partners, is of a different view. The turnaround in market sentiment has been sharp, coming just days after iron ore prices hit 18-month lows of around US$87/t on the back of fragile steel production figures out of China. “These measures eased concerns of weaker demand for steel and iron ore.”īenchmark 62% iron ore fines soared almost US$4/t to US$95.63/t on Monday night according to Fastmarkets MB, with 65% fines attracting a premium of $109.20/t and discount 58% fines buying US$68.18/t.Īre big iron ore miners now in buying territory? “China’s financial regulators told some banks to issue more loans for property projects, with the aim of easing liquidity strains without sparking another speculative bubble. “Iron ore futures rallied after China’s central bank announced a possible easing of measures to aid the country’s recovery,” she said.
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