2009 Iron Ore price expected to down by 25%
As the steel mills are cutting output and market is still weak, RBC analyze that the contract iron ore prices may decline by 25 percent in 2009.Prices for benchmark Australian ore for the year starting April 1 may drop to 108.5 cents a dry metric ton unit, or about $68.40/ton. That's down from RBC's earlier forecast of a 10 percent decline and compares with $91.10/ton for the year starting in April 2008.
Big investment bank, as Goldman, UBS AG, Morgan Stanley and Macquarie, all have lowered forecasts for iron ore since October. Cash prices for iron ore delivered to China have slumped 59 percent this half, prompting Rio Tinto Group, the second-biggest exporter, to delay shipments.
No comments:
Post a Comment