Posted On: 12/10/2013 6:30:32 PM
Post# of 8059
Recovery of iron ore prices comes after a recent report from the World Steel Association showed global crude steel production in September rose to a rate of 4.42 million tonnes per day — a strong 4.6% month-on-month surge and 6.1% jump over last year's figures.
Since then authorities in the area have risen their 2014 iron ore price forecast. In October, Australia’s Bureau of Resources elevated its predicted price to $119, up from $112 in June, citing Chinese demand. The World Bank said in a report last month that ore will average $135 next year, up from a July prediction of $125. Standard Bank expects prices to average $122 next year, 14% more than previously forecast.
Since then authorities in the area have risen their 2014 iron ore price forecast. In October, Australia’s Bureau of Resources elevated its predicted price to $119, up from $112 in June, citing Chinese demand. The World Bank said in a report last month that ore will average $135 next year, up from a July prediction of $125. Standard Bank expects prices to average $122 next year, 14% more than previously forecast.
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