Iron ore prices to hold on China demand: Macquarie
Iron ore prices will remain firm in the medium term, as tight supply struggles to keep up with Chinese steel output, said Macquarie Commodities Research senior analyst Colin Hamilton at Platts Steel Methodology Forum in New York.
The global iron-ore supply chain is struggling to keep up with that demand, and flat iron imports to China reflect the strain in existing infrastructure.
“As small Chinese steel mills are ramping up production, there’s a high chance the iron ore price will go up, ” he said.
Recent data suggest China’s steel output will maintain above 700 million metric tons a year, he said.
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