(Bloomberg) -- Forecasts for annual contract prices for iron ore, a $160 billion-a year-global market, were raised by Macquarie Group Ltd. and JPMorgan Chase & Co. after a surge in demand from China. Australian benchmark iron ore prices may rise 30 percent, Macquarie analysts led by London-based Jim Lennon said today in a report. That compares with their previous estimate for a 10 percent gain. JPMorgan yesterday raised its forecast increase to 20 percent from 10 percent. Steelmakers and traders in China, the world’s biggest consumers, boosted imports 12 percent last month to meet demand from makers of cars and appliances. Iron-ore demand from U.S. and European steelmakers will also increase next year, joining China, Vale SA, the world’s largest producer, said yesterday.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=alvtKqGgO65c
No comments:
Post a Comment