[miningmx.com] – IRON ore prices would rally towards the year-end, but only after falling further to the $70s per tonne range, said Bloomberg News citing a report by Morgan Stanley analyst, Joel Crane.
Crane said high cost producers would be shut which, combined with an improvement in the steel market, would take iron ore off its lowest level in almost five years rallying to $90/t by the end of the year.
“We are of the firm belief that an adequate proportion of supply from the top end of the cost curve will come out, flatten the curve and ultimately secure levels of cost support,’ said Crane in the report.
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