Graphic: Robust iron ore price to erode as steelmakers shut furnaces [Reuters]
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Source: Reuters
Graphic: Robust iron ore price to erode as steelmakers shut furnaces LONDON (Reuters) - The price of iron ore is set to drift lower in coming months as the coronavirus pandemic eats away at demand, moderating its outperformance against other industrial commodities this year. Iron ore has given up about 10% so far this year compared to 40% for the Refinitiv/CoreCommodity CRB index .TRCCRBTR and 15% for copper. Spot prices of iron ore with a 62% iron content for delivery to China stood at $84 per tonne on Wednesday and are expected to decline to $75 by the fourth quarter, according to BMO Capital. Prices could remain firm in the short term, but the impact of closed steel furnaces and improving supply is due to gradually chip away at prices. “We expect iron ore prices to drift lower, not collapse, to a level which is still very profitable for the majors (producers),” said Colin Hamilton, managing director of commodities research at BMO Capital. Iron Ore has Outperformed other Industrial
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