Shares of FMG have posted as 6-week high at $4.75 as the Iron Ore miner reaffirmed FY18 shipments of 170 million metric tons.
It’s worth noting the Q4 is typically FMG’s strongest quarter for shipments.
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This should continue this year as the company broadens its customer base to include low-grade ore users like India.
We still prefer the long side of FMG and have a medium-term price target of $5.35.
Fortescue Metals Group
