Analysts at Morgan Stanley offered a bearish outlook on iron-ore prices over the next 12 months, in its latest client note.
“Shipments from Vale increasing and demand from China (steel output) easing.”
“China demand eases during the country’s winter with slowing construction.”
“Some support from China port inventory replenishment.”
“Seen Iron-ore prices at 100$/ton in Q4 and dropping to $81 in 2021.”