...Meanwhile, I notice another investment house, Goldman Sachs, has been cranking up its iron ore price forecasts.
The investment bank's commodities team has lifted its price forecast for this year by $US15/t to an average $US135/t.
Relatively dovish compared to some others, but still up on their previous prognisticatons.
Goldman Sachs' analysts believe ongoing strong demand from China will offset the impact of a production recovery in Brazil and slowing Chinese steel output in the short-term.
"We think the ongoing recovery in global steel demand in the second quarter means it is too early to become bearish on the iron ore sector," the bank said.
The higher price forecasts supported an upgrade in iron ore stocks.
MGU Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
