- We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress Minerals despite ongoing volume growth at Bukit Besi.
- - Read this at SGinvestors.io -
Rethinking the cyclical nature of IODEX.
- Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. Fortress Minerals used to command a premium to the benchmark with ASP to IODEX realisation at roughly 110 %, but this has compressed towards about 80 % in recent quarters. We acknowledge that part of this is cycle driven.
- - Read this at SGinvestors.io -
- Going forward, upside would come from a stronger-than-expected iron ore cycle or faster de-risking and ramp-up at Mengapur. Until there is clearer evidence on either front, we see the risk-reward profile as balanced and prefer to remain conservative.
2QFY26 results update.
- Read more at SGinvestors.io.
Chong Ting Shuo KGI Securities Research | https://www.kgieworld.sg/ 2025-12-02
Read also KGI's most recent report:
2026-05-13 Fortress Minerals - Record Volume Delivered, But Upside Now More Balanced.
Price targets by other brokers at Fortress Minerals Target Prices.
Listing of research reports at Fortress Minerals Analyst Reports.
Relevant links:
Fortress Minerals Share Price History,
Fortress Minerals Announcements,
Fortress Minerals Dividend Payout Dates & Corporate Actions,
Fortress Minerals News
