Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Iron Ore: Hanging By A Thread At 100 USD/Ton, When Will Massive Restock At Ports Reverse?

Fenix Resources (FEX AU): Base-Case NPV 1.1 Bn AUD Vs Current Mkt Cap 300 Mn AUD, Bull at 3 Bn AUD

Iron Ore Price Below 100 USD/Ton: Subdued By High Port Inventories And Tepid China Data

Fenix Resources (FEX AU) 3-Year Production Plan Has An Exciting Ramp And Upgrade To FY26

Fenix Resources (FEX AU): Thoughts On The 3 Year Plan Conference Call And 34% OCF Yield FY26e

Fenix Resources (FEX AU): Scoping Study Findings/Record December Quarterly/34% OCF Yield

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Iron ore remained rangebound in the band it has been in for the last five years, between 95-130 USD/ton, with only three material short breaches. </li>
<li>Chinese steel production remains lacklustre (and a worry), with a 11% YoY dip in November 2025 to 69.9 million tons (a first drop below 70 million tons/month since 2018).</li>
<li>We only like <a href="https://www.smartkarma.com/entities/fenix-resources-ltd" target="_blank" data-smartkarma-citation="entities:7405:1" rel="noopener">Fenix Resources (FEX AU)</a> in the iron ore space for its expansion plans from the 4 million tons to 10 million tons and beyond.</li>
</ul>


Iron ore remained rangebound in the band it has been in for the last five years, between 95-130 USD/ton, with only three material short breaches. 
Chinese steel production remains lacklustre (and a worry), with a 11% YoY dip in November 2025 to 69.9 million tons (a first drop below 70 million tons/month since 2018).
We only like Fenix Resources (FEX AU) in the iron ore space for its expansion plans from the 4 million tons to 10 million tons and beyond.


Iron Ore Hanging In 105 USD/Ton: Decent Cash Flows For Miners, China Steel Production a Worry