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Iron Ore Under Pressure for Next 3 Months, StanChart Says
May. 31, 2011 08:13AM PST
Base Metals Investing Bloomberg reports iron ore prices will face “downward pressure” in the next three months because of increasing supply from Brazil and weakening global steel demand.
Bloomberg reports iron ore prices will face “downward pressure” in the next three months because of increasing supply from Brazil and weakening global steel demand.
The market news si quoted as saying,
There is also a risk of iron ore destocking in China, Standard Chartered analyst Judy Zhu wrote in a report dated today. Spot iron ore, Indian origin, will be $170 a metric ton in the third quarter compared with $175 a ton in the second quarter, according to the report.