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Iron ore price sets fresh 30 month high
time2017/02/24
The Northern China import price of 62% Fe content ore gained 2.7% on Monday, reaching $92.7 per dry metric tonne, the highest since mid-August 2014 according to data supplied by The Steel Index.
After a 85% rise in 2016, the price of iron ore has improved by over 16% so far this year and has more than doubled in value since hitting near-decade lows at the end of 2015.
The rise in the price of the steelmaking raw material has flummoxed market observers given supply growth expected in 2017, record-setting inventory levels at ports and an uncertain outlook for demand from China.
FocusEconomics in its January survey of analysts and institutions shows the price of iron ore averaging $56.70 a tonne during the final quarter of next year. For Q4 2018, analysts expect prices to moderate further to average $55.70 over the three month period.
None of the analysts foresee iron ore holding at today's prices – Dutch bank ABN Amro is the most optimistic calling for a $76 average towards the end of 2017 while London-based Investec sees an average of $71.50 over the cours of this year.
BMO Capital Markets see prices correcting sharply from today's levels to average $45 by the start of 2018 while Oxford Economics expects iron ore to average $53 this year and below $50 in 2018.
Source: Mining.Com
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