
Where are iron ore prices headed next?
Iron ore prices cracked the $55 level on Tuesday, the Australian reported. According to the news outlet, The Steel Index quoted a 3.5 percent increase to US$55.90 per tonne, while Metal Bulletin put prices at US$56.22 per tonne. That’s the highest price for the base metal since May 18.
Iron ore has faced a prolonged price rout amidst an ongoing supply glut and slowing demand. Prices rallied past $70 in April, but the metal has since seen a pullback. Back in May, an article from Seeking Alpha suggested that iron ore could fall even further due to increased regulations in China to combat the speculative trading that helped drive up prices.
According to the latest Commodities Consensus Forecast from FocusEconomics, “[l]ong-term supply and demand dynamics are still stacked against any major gains in iron ore prices, however, dynamics are shifting.” Three panelists surveyed made upward revisions to their forecasts for the month, while none made downward revisions. Here’s a sample of a few forecasts for the iron ore price average in 2016.
- ANZ—$51 per metric ton
- BMO Capital Markets—$42 per metric ton
- Capital Economics—$48 per metric ton
- Toronto-Dominion—$60 per metric ton
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Teresa Matich, hold no investment interest in any companies mentioned.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1841.21 | -0.97 | |
Silver | 21.86 | -0.04 | |
Copper | 4.26 | -0.02 | |
Palladium | 2008.00 | +4.00 | |
Platinum | 961.50 | +2.50 | |
Oil | 110.85 | -1.36 | |
Heating Oil | 3.65 | -0.02 | |
Natural Gas | 8.03 | -0.28 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.