Iron Glut to Stay as Majors `Offset' Cuts by High-Cost Mines

  • Morgan Stanley says seaborne supply will climb 1.8% this year
  • Prices below $45 seen piling pressure on smaller producers

Iron ore capacity cuts driven by slumping prices have yet to swing the global market to a deficit as the world’s biggest producers keep on adding supply, according to Morgan Stanley, which projects that a glut will endure to at least 2020.

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