As Iron Ore Hits A 7 Week High, A Look At Hedging Steel Makers
As the Financial Times reported on Friday, iron ore prices have risen 22.5%, to $143.50 per ton, in the last seven weeks, partly due to severe weather in the two countries responsible for 70% of ore production, Australia and Brazil.
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#1 Jan 22, 2012
I do not agree with the vision.
Iron Ore Fines 62%Fe Spot CFR Tianjin Port quote at 139,80 USD last Friday January 20th 2012, from a peak of 147,40 USD on November, 18th 2011.
Iron ore price increase will not be sustainable because of two reasons:
1) Though bad weather conditions in Brasil and Australia reduced shipments, a lot of iron ore is deposited in bonded warehouses in China ports waiting for auctions due to low market demand.
2) Mining companies are getting much better operating results than steel industry. Iron ore cost increase can not be passed by steel industry to steel product, as it was one year ago.
Iron ore price will go down. This is my forecast.
Prf. Dr. Juan José del Campo Gorostidi
PhD Materials Science
Universidad de Oviedo
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