Continued Calls Put CITIC Pacific expected short-term iron ore price continued to fall

Since UBS issued a research report that CITIC Pacific announced its interim results on August 16, the share price has plunged 20%; iron ore prices continued to fall, short-term investors will remain negative sentiment on the stock. The bank to maintain its "sell" rating, target price of 7.5 yuan unchanged.

The iron ore price has dropped to $ 87 per ton, down 38% from mid-June high of 140. The the UBS mining team expected, the short-term ore prices will fall further before the end of the peak season, October will be the most difficult month of iron ore prices.

UBS estimates that the total cost of iron ore spot per ton of 90 Australian dollars, the CITIC Pacific EBITDA (interest, taxes, depreciation and amortization profit) remains positive (A $ 4 per ton), EBIT (EBIT) presented loss. If EBIT breakeven, it is estimated that the price of iron ore long-term needs up to $ 100 a tonne, while UBS's long-term price forecast of $ 72 per ton.

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