Iron Ore Prices to See Double Dip, Say Forecasters of Past 30% Drop

Platts reported two analysts believe the recent uptick in prices will be short-lived, with a “double dip” hitting the market into 2012.

As quoted in the market news:

Dragon Capital analyst Alexander Makarov expects prices of 63.5%-Fe ore to fall to $100/dmt CIF China in the next two to four months as he sees “weakening Chinese demand for steel and signs of the oligopoly on the world iron ore market breaking.”

The Platts assessment for 63.5%/63%-Fe fines rallied to $144.50/dmt CFR China on Friday from a low so far in 2011 of $124.75/dmt on October 28.

Click here to read the full Platts report.