Jan 9, 2018 - Chinese dfemand easing is behind the dip. Australia has said it expects iron ore prices to average USD 51.50 a ton this year, down 20 percent from 2017, because of rising global supply and moderating demand from top importer China as its steel sector shrinks, Reuters advanced.
The government projection is out of step with some private forecasts, with UBS and Citi calling for iron ore prices to average around USD 64 a ton in 2018 - flat on 2017’s USD 64.30 - with the market proving itself surprisingly resilient.
The world’s top three mining companies BHP, BLT, and Vale, rely heavily on iron ore sales for the bulk of their revenue despite efforts to diversify more into other industrial raw materials, such as copper, aluminium, and coal.
Source: Bulkweek | January 8, 2018 |||