Iron ore prices will remain strong into 2014 on sustained demand in China, the largest producer of steel, and as an increase in global supply takes longer than expected, according to Morgan Stanley analysts.
Morgan Stanley is bullish on iron ore prices, opining demand from China will keep prices around $130 a tonne for 62 per cent iron.
The bank believes an increase in global supply of iron ore will take longer to be brought on stream because of higher capital costs outside the Pilbara producers in Australia.
While new capacity in the Pilbara is understood, the time frame for the supply is likely to take longer the bank said.
Iron ore prices will remain strong into 2014 on sustained demand...
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