Iron Ore Seen Falling After April as China Restocking Ends
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Iron ore will almost erase the past two months’ rally and fall 19 percent in the second quarter as weather stops disrupting supply and Chinese restocking ends, according to a Barclays Plc trader of the commodity.
The raw material used to make steel will average $120 a dry metric ton in the three months from April, said Richard Lee, who most accurately predicted Chinese ore imports in a September survey of 11 analysts, traders and brokers. The ore rose 0.6 percent to $148.60 a ton today, prices from the Steel Index Ltd. show. Second-quarter swaps to bet on, or hedge, prices are trading at about $136.25 a ton, according to SSY Futures Ltd.