Original article by Cole Latimer
The Age – Page: 25 : 24-Apr-19
UBS has forecast that the iron ore price will average $US83 per tonne in 2019, warning that the steel input’s recent high of around $US93/tonne is not sustainable. The investment bank says recent supply disruptions in Australia and Brazil are unlikely to have a long-term impact on the iron ore price, forecasting that it will fall over the next 12 months. Expectations of a lower iron ore price have also contributed to UBS’s decision to downgrade its recommendation on BHP’s shares from ‘buy’ to ‘neutral’. PhillipCapital expects iron ore to average $US78/tonne in 2019.
UBS HOLDINGS PTY LTD, BHP GROUP LIMITED – ASX BHP, PHILLIP CAPITAL LIMITED, VALE SA, FORTESCUE METALS GROUP LIMITED – ASX FMG