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Shanghai Mekind Industrial Co., Limited
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Shanghai Mekind Industrial Co., Limited [China (Mainland)]
Business Type:Manufacturer, Trading Company, Distributor/Wholesaler
City: Shanghai
Province/State: Shanghai
Country/Region: China (Mainland)
News
Iron ore price jumps to 8-week high
The import price of 62% Fe content ore in the Northern China increased 2.3% on Tuesday. The price is at$62.90 per dry metric tonne according to data supplied by The Steel Index. The steel-making raw material price has been up more than 18% from year lows hit two weeks ago.
On the iron ore market, some strength are the result of speculation in futures ahead of the end of the quarter, but combined the daily amount of main physical iron ore trading platform in China and Singapore also reached the highest this year on Thursday, report of Reuters:
"We don't want to see a full rally, but at $60, it looks reasonable in the next few months," says Daniel Hynes, a commodities strategist at anz.
Something in the low $60s looks reasonable over the next few months.
A worry for the industry is still the global oversupply and stockpiles at Chinese seaports remaining at record highs. Stocks of iron ore at China's seaports topped 141 million tonnes last week, the highest since 2004 according to Reuters:
"While requirement is strong, supply is also strong," said a trader in Beijing who last bought cargoes two weeks ago. "We're very cautious about rising prices."
Most analysts also didn't expect the rise of iron ore price because the market has been in oversupply for more than two years.
Morgan Stanley this week sharply cut its forecast for the iron ore price in the third quarter with the investment bank now seeing an average of $50 over the period, climbing to $55 in the final three months. For the year as a whole Morgan Stanley sees the commodity averaging $63 compared to a year-to-date average of $74.Iron ore is expected to continue to soften averaging $58 next year and $54 in 2019.
Morgan Stanley this week slashed its forecast of iron ore prices in the third quarter and investment banks now see $50 over the same period the average rose to $55 in the last three months. Throughout the year, Morgan Stanley said the average commodity was $63, compared with an average of $74 annually. Iron ore is expected to continue to soften the average $58 next year and $54 in 2019.
From Morgan Stanley's latest forecast prediction than Citigroup in a research report published last week more optimistic. The central bank lowered the price outlook from fifth said iron ore average of $48 for the quarter of 2017 euros per tonne, down from a previous forecast of $60:
Analysis of the global supply growth - most notably, a full production - the weak vale view S11D mine and Roy Hill from Australia. According to Citigroup, the remaining 2017 tons less than 118m last year, more than 60 million tons surplus. Morgan Stanley expects nearly 40 million tons this year's oversupply, steady growth in excess of 2019 and 2021 tons, 185 million tons of 1.2 tons.
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