Pursuits
Iron Ore Outlook Cut by ANZ After China Steel Demand Peaks
- Prices seen `essentially flat' for the next two years
- Peak-steel consumption passed in 2014, ANZ's Pervan says
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Steel consumption in China has peaked and economic growth is cooling, according to Australia & New Zealand Banking Group Ltd., which reduced price forecasts for iron ore and coal for next year and 2017.
Iron ore may average about $52 a metric ton next year, 5.3 percent lower than previously forecast, and $54 in 2017, a reduction of 10.5 percent, Head of Commodity Research Mark Pervan said in a report on Monday. The outlook for coking coal was pared back by as much as 13.5 percent.