Iron Ore Seen Supported by Morgan Stanley as Citi Is Bearish
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Iron ore will be supported through the final quarter and into the first half of next year as a global surplus emerges only later in 2014, Morgan Stanley said in a forecast that contrasts with Citigroup Inc.’s outlook.
Prices may average $125 a metric ton in the final three months of 2013 and $120 in the first quarter, Morgan Stanley analysts Joel Crane and Peter Richardson said in a report today. The steelmaking raw material will average $117 in 2014 and $114 in 2015, they said, describing the base-case price forecasts as above consensus.