In a briefing note today Merrill's upped the IO price materially. Long term price $90 ton up 20%. Short term IO price targets are 2012- $170, 2013- $160, 2014- $140 2015- $100, 2016- $95 2017 $90...the reason, the "big supply expectations" just won't come in on time.
Global steel demand in 2010 was 1,400 mt and Merrill's forecasts 1,700 mt in 2013, iron ore supply just isn't there to meet demand, and bringing new iron ore supply on line is getting tougher and tougher.
In a briefing note today Merrill's upped the IO price...
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Mkt cap ! $27.62M | |||
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