Well tmrw was the annual low last year at 14.70 the big drop...

Well tmrw was the annual low last year at 14.70
the big drop away hasnt eventuated as yet
The equity crash hasnt either

FMG has shown lows at 19.00 and rebounds out to 22 several times
In fact since 14 nov 2022 it has been range bound 19-23
And the lows under 19.50 have rebounded out toward 22

I think this is due to the IOP staying above 100 (now 130) which boosts FMG margins & FCF.
I dont think this has anything to do with the H gas furphy.

When will this equity crash and IOP drop happen, doesnt look like it will at all here but never say never.
the world needs steel and IO so this will keep IOP higher than usual.

I will sit this one out and come back here when this inevitable crash happens.
With global hyper inflation, hyper interest rates, govt debt spiraling out of control and global wars breaking out everywhere, its only a matter of time.

The crash season must be running late but it will happen eventually imho.