Original article by Alex Gluyas
The Australian Financial Review – Page: 29 : 13-Aug-24

The iron ore price is now about 30 per cent below its January peak, although the steel input is still trading at around $US100 per tonne. However, Robert Rennie of Westpac contends that problems within the steel industry means that the iron ore price should be around the mid-to late-$US80 level at present. He says it is only a matter of time before the "absolute carnage" in the steel industry is reflected in the iron ore price. Chinese steel mills’ margins have fallen sharply, and a MySteel survey has found that just five per cent of them were profitable last week. Further production cuts may be looming, which would dampen demand for iron ore.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MYSTEEL.COM LIMITED