Iron ore hit by virus fears, demand impact 'muted' - Wood Mac

摘要

London—Iron ore prices have taken a hit from coronavirus, with Singapore Exchange prices dropping sharply over the week, but they could still be bolstered by any supply side disruptions, analysts from Wood Mackenzie said Friday. The price fall “has been driven by fear; uncertainty over the scale and impact of the virus on iron ore demand, and a lack of volume during the Chinese New Year,” bulks analysts Robin Griffin, Rohan Kendall and Dale Hazelton, said in a report on the virus' impact on bulk commodities. “In view of iron ore’s vulnerability to further supply side disruptions, and the potential for Beijing to provide financial stimulus to the steel intensive construction and infrastructure sectors later in the year, we see no immediate need to revise our CY 2020 price forecast of $80/t CFR.”