Iron ore retops $US200 a tonne defying bearish calls
Timothy MooreOnline editorJun 2, 2021 – 5.10amBenchmark iron ore surged back above the $US200 a tonne mark, based on pricing by Fastmarkets MB and S&P Global Platts, challenging bets by some market strategists that the steel making material is poised to drop sharply.
Fastmarkets said iron ore rose $US9.84 or 4.9 per cent to $US208.67 a tonne on Tuesday; extending Monday’s 4.3 per cent rise.
S&P Global Platts said its key index rose $US10.35 or 5.2 to $US209.10 a tonne.
The price of iron ore is proving resilient. Bloomberg
“As long as demand globally remains strong (including China) and markets are tight, we think it is unlikely China’s authorities will be able to push prices down on a sustained basis,” Bank of America said in a note.
Bank of America forecasts iron ore will average $US172.2 a tonne this year; then $US143.8 a tonne in 2022; it sees a slow grind lower through 2025 when it will end below the $US100 mark.
Iron ore retops $US200 a tonne defying bearish callsTimothy...
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