Looking for high-quality, cheap ASX shares?

Aren't we all?

Well, today we can report the latest buying recommendations from Michael Gable of Fairmont Equities.

He's identified two ASX shares that he reckons are going for cheap.  

The Fortescue share price is $25.47, up 2.45% at the time of writing.

Gable thinks the ASX 200 iron ore pure-play is currently looking like great value.

Fortescue is a popular holding in many Australians' portfolios given it is the second biggest ASX mining share by market capitalisation on the ASX, valued at $76.54 billion.

Perhaps Gable's confidence may inspire some investors to average-in at today's lower price to enhance their exposure to this reliable ASX dividend payer.

On The Bull, Gable said:

The share price has fallen from its early February highs in response to weaker iron ore prices. But we expect iron ore prices to recover as the global growth outlook appears to be strong.

The company generated increasing revenue and earnings in the first half of fiscal year 2024 when compared to the prior corresponding period.

The fully franked interim dividend of $1.08 a share was also higher. We view the softer share price as a buying opportunity.

The Whitehaven share price is $7.22, up 2.78% at the time of writing.

Gable says:

The share price has fallen … as a result of softer coal prices at the end of 2023.

We expect global growth to assist a recovery in coal prices.

The share price looks cheap when taking into account the recently acquired metallurgical coal assets from BHP. The share price chart was recently showing impressive buying support.

Last week, Whitehaven completed its 100% purchase of BHP's Daunia and Blackwater metallurgical coal mines and all of the shares in South Blackwater Coal Pty Ltd from BHP and Mitsubishi Development.

Paul Flynn, CEO and managing director said:

This is a significant milestone for Whitehaven that transforms us into a leading metallurgical coal producer and will deliver benefits for all of our stakeholders. We are well placed to execute a smooth transition and to integrate the Daunia and Blackwater mines into the Whitehaven portfolio.

We recently revealed the official new 5-year price forecasts for 10 different commodities.

Commodity values directly impact the earnings, dividends and share prices of ASX resources stocks like Fortescue and Whitehaven, so knowing which direction they are expected to go in can be useful information.