Iron ore: rust in peace


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“The party’s over for iron ore” declared an ANZ research team returning from a trip to China after discovering demand conditions that were more challenging than thought, while analysts at RBC Capital Markets slashed their price forecasts for this and next year.

Ore with 62 percent content delivered to Qingdao rose 0.1 percent to $75.87 a dry ton yesterday, according to Metal Bulletin Ltd. The commodity slumped to $75.38 on Nov. 6, the lowest since September 2009.

Pummeled by a deepening supply glut, iron ore prices have dived an eye-watering 45 percent this year and there’s no respite ahead for the metal, according to Citi, which forecasts double-digit declines in 2015.

Via Iron ore: rust in peace
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