[miningmx.com] – THE price of iron ore will fall below $50 a tonne as steel demand in China was fundamentally weak, said Bloomberg News citing a report by Citigroup which correctly predicted in November the mineral would fall below $60/t.
“We remain bearish iron ore and reiterate our expectation that prices will fall below $50,’ Citigroup analysts including Ivan Szpakowski .
“Real steel demand — based on production, net exports, and changes in mill and trader inventories — suggest significantly negative year-on-year growth for January-February,’ the analysts said.
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