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The gains from the rising expectations of increasing demand due to the fall in steel inventories, led to the iron ore futures of China rise to their highest on Monday since March 2018. As producers cut back on output among reduction in profit-margins the world's biggest steelmaker hit its lowest level since March. Three iron ore stocks are discussed today.
RIO TINTO LIMITED (ASX:RIO) â In compliance with the EU Market Abuse Regulation, the company notifies the London Stock Exchange of PDMR/KMP interests in securities of Rio Tinto Plc. The company voluntarily notifies the Australian Securities Exchange of both the ASX and the LSE of material dealings and material dealings in Rio Tinto plc shares by PDMR/KMP. Rio Tinto place ordinary shares of 10p each and participants are allocated an equal number of shares or ADRs free of charge. The company is investing in high-quality growth and strengthened their asset portfolio. Subject to weather and market conditions, the shipments in 2019 are expected to be between 338 and 350 million tonnes. The share price of RIO is down by -0.621% and is trading at a market price of $80.010. RIO has an EPS of 7.299 AUD and P/E of 11.030 which compares well among the peer basket.
BHP GROUP LIMITED (ASX:BHP) â The company secretary Margaret Taylor will cease to be the company secretary of BHP Group Limited and BHP Group Plc, effective 1 March 2019. Currently, General Counsel of BHP Caroline Cox will also assume the role of group company secretary. Reflecting the retention of Cerro Colorado, the total copper production guidance increased to between 1,645 and 1,740 kt. A US$5.2 billion on 17 December 2018 off-market buyback of BHP Group Limited shares were completed. The balance of the net proceeds will be a special dividend of US$1.02 per share to be paid on 30 January 2019. The share price of BHP is down by -1.295% and is trading at a market price of $32.770. BHP has an EPS of 0.942 AUD and slightly high P/E of 35.260.
FORTESCUE METALS GROUP LTD (ASX:FMG) â To advise the cancellation of 7,297,878 fully paid ordinary shares under the on-market share buy-back, the company announced on 11 October 2018. Fortescue and NRW will move to finalize outstanding matters before formal contract execution, this projectâs total value is circa $57m, and existing civil construction fleet for the project of NRW will be well utilized. As of September 2018, the production was around 40.2 MT shipped, and the company has the US $972 million as cash on hand. The total amount of debt, however, was the US $3.0 billion for the same period of September 2018. The share price of FMG is down by -1.684% and traded at a market price of $4.670. FMG has an EPS of 0.382 AUD and P/E of 12.450 which is decent among its peer basket.
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