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Iron ore climbs above $US39 a tonne

  • Monday, December 21, 2015
  • Source:ferro-alloys.com

  • Keywords:iron ore
[Fellow]The price of iron ore has risen in offshore trade, extending a recovery from recent 10-year lows into a fifth session. At the end of Friday's trading session, benchmark iron ore for immediate delivery to the port of Tianjin in China was up 2 per cent at $US...

The price of iron ore has risen in offshore trade, extending a recovery from recent 10-year lows into a fifth session.

At the end of Friday's trading session, benchmark iron ore for immediate delivery to the port of Tianjin in China was up 2 per cent at $US39.30 a tonne, contributing to a 6.2 per cent weekly rise.

However, analysts at Goldman Sachs have warned against the chances of a more robust recovery, tipping an average price of $US38 next year and $US35 in 2017 and 2018.

“The iron ore sector may have to hibernate for an extended period before alternative steel markets in other regions take over from China and usher in the next bull market,” Goldman analysts wrote, according to Bloomberg.

  • [Editor:Chen Zhen Seng]

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