You would be better asking when was AGO last up. It feels like a lifetime ago.
some good news is that iron prices may yet lift again according to Goldman Sachs.
2336 GMT [Dow Jones] Goldman Sachs JBWere says contract iron ore prices can post a seventh consecutive increase in the next round of negotiations. GSJBW is forecasting an 18%-plus increase in contract prices for Australian iron ore fines in the upcoming negotiations. Says that, despite a drop in steel prices and spot iron ore prices, the supply/demand dynamics for high quality seaborne iron ore are sufficiently robust to justify another price rise. "We also believe that Australian suppliers are well positioned over the medium term to gain a bigger share of the fast growing Chinese import market for iron ore - a powerful combination of price and volume gains," GSJBW says. Another increase in iron ore prices would boost the big Australian producers, BHP (BHP.AU) and Rio (RIO.AU) as well as Fortescue Metals (FMG.AU) Mount Gibson (MGX.AU). (APW)
