Ann: GRR - Quarterly Report for 3 months ended 30 June 2021, page-24

Iron ore falling off a cliff?Hold your horses, say the folks at Goldman Sachs and head of base metals and bulks research Nicholas Snowdon of “copper is the new oil” fame.Snowdon told delegates at last week’s Singapore Iron Ore Forum it will not be until 2023 when we see more normalisation in the market.
The twin pillars of supply constraints and peaking Chinese steel demand on which iron ore’s wild ride to US$220/t have been based are still standing, Snowdon said.“It would be wrong to say that the bull market for iron ore, you know, is on the cusp of ending,”
Snowdon said.“When you look forward over the next two, three years, supply growth rates will actually decelerate … from where they stand today.
“There is not an imminent risk of major supply response in the iron ore market and that’s very key to the … outlook for price.”
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