Iron ore seen supported near $US180 a tonne into January

Original article by Timothy Moore
The Australian Financial Review – Page: Online : 24-Dec-20

The spot price of iron ore fell by more than eight per cent in recent days, but Westpac is bullish about the outlook for the steel input in 2021. Justin Smirk of Westpac says iron ore inventories at Chinese ports remain at cyclical lows compared to steel production and imports, while the price of benchmark iron ore is trading at a significant premium to domestic Chinese iron ore. Westpac now expects iron ore to be fetching $US130 per tonne in March, compared with its previous forecast of $US105/tonne.


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