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Print[Ferro-Alloys.com] Bloomberg cited UBS AG as saying that iron ore will probably advance this quarter to levels last seen in July as steelmakers in China, the biggest buyer, rebuild inventories on speculation that the country’s pace of economic growth will pick up.
Mr Tom Price commodities analyst said that prices for ore delivered in China may climb to about USD 120 a tonne to USD 125 a tonne. On a free on board basis, the price may average USD 115 a tonne from USD 105.60 a tonne in the previous 3 month period.
According to data compiled by The Steel Index Ltd, the steel making material delivered to the port of Tianjin rose 1.9% to USD 117.50 a dry tonne yesterday, up by 13% this month.
China’s growth cooled last quarter to 7.4% from7.6% in the period ended June. Growth will rebound to 7.7% in this quarter, the median of economists’ estimates in a Bloomberg survey shows.
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