Jefferies upgraded Fortescue Metals to Hold from Underperform with a A$21 price target. The Grosvenor fire is “a game-changer for the met coal markets,” says the firm, which has increased its PLV met coal price forecasts accordingly as well as increasing its thermal coal price forecasts. In terms of iron ore, prices slightly exceeded the firm’s expectations in Q2 and it has made small upward revisions to its Q3 forecasts, the firm added.
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