Revisiting Iron Ore: Is it Really Doomed?

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FMG shares are down over 30% in 2026, or about 50% since their peak in January 2024. Revisiting one of the market’s former darlings. The post Revisiting Iron Ore: Is it Really…

Today, we’re going to revisit one of the important bellwether stocks on the ASX, Fortescue Metals [ASX: FMG], to try and unpack what it tells us about the iron ore market.

Here’s a brief background on the company’s recent freefall: FMG shares are down around 30% in 2026, or about 50% since their peak in January 2024.

That’s a mammoth slide for one of Australia’s largest companies and former darlings of the last mining boom.

One of the key concerns: Chinese mills continue to produce more steel than anybody needs. And given they operate on razor-thin margins, there’s little appetite to pay more for Australia’s iron ore.

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