That's pathetic, Real market transparency that is.
Wednesday, 05 February 2014
Magnus Ericsson, executive director of IntierraRMG (which is now part of SNL Metals and Mining), said the price of iron ore was expected to be between $100 and $120/tonne by 2020 from more than $130/tonne at present.
His estimate was more optimistic than some forecasters because he had factored in supply constraints as a result of barriers to expanding production including the squeeze on financing for junior miners.
Mr Ericsson did not expect the major producers would increase production to a level that would flood the market with iron ore. He also expected China’s own iron ore output to decrease and its imports to increase.
Steel demand growth was expected to be about 2.7% a year between 2012 and 2021 with particularly strong appetite from Africa and South America, Mr Ericsson said. Source: Business Day Live
AGO Price at posting:
98.0¢ Sentiment: None Disclosure: Held
