Iron Ore Prices Seen by UBS at Risk of Declining on Steel Output
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Iron ore prices are at risk of falling this quarter if a seasonal cut in steel production rates occurs, with prices to extend declines into next year amid surging global supply, according to UBS AG.
“Beyond the risk of a seasonal pullback in output –- prompting an ore price correction –- we have a modestly bearish outlook for prices,” analysts including Andreas Bokkenheuser wrote in a report dated yesterday.