Earlier this week, Morgan Stanley lifted its second-quarter iron ore price forecast to $US175 a tonne, based on its expectation of a continued recovery in China’s steel production.
“We don’t think iron ore is significantly overpriced versus underlying supply-demand fundamentals, as the price recovered broadly in line with China’s steel output,” wrote Morgan Stanley strategist Amy Sergeant.
The broker expects China’s steel production to grow 20 per cent in the second quarter compared to the fourth quarter last year. It added that the easing of environmental restrictions combined with a front-loading of stimulus to kick-start economic growth could result in an even stronger second quarter.
Earlier this week, Morgan Stanley lifted its second-quarter iron...
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