could be approaching its peak, strategists warn, as seasonal supply concerns caused by La Niña unwind and markets determine how China will balance its desire to stimulate growth with plans to reduce emissions., signifying a 50 per cent jump from the lows reached in November and the highest level since October. Prices eased on Thursday to $US127.95 a tonne.
The deluge in Brazil, China’s second-largest source of iron ore, has not forced an adjustment to Vale’s 2022 guidance, despite the restricted southern and south-eastern operations accounting for about 40 per cent of its iron ore production in the first three quarters of last year. Westpac forecasts iron ore to drop to $US88 a tonne by the middle of 2022, falling to $US75 a tonne by the end of the year.The bank’s outlook stands in contrast to that of Morgan Stanley, which has labelled iron ore as its top commodity pick on a six-month time horizon.
Must be the same experts trying to cover their short positions in $bhp
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