stronger Chinese steel output to support iron ore

摘要

Iron ore prices should be well supported in the second quarter, despite the slow recovery in downstream steel demand, as Chinese mills are expected to lift steel output, according to the latest S&P Global Platts Outlook Survey. Some 38% of survey respondents expected iron ore prices to remain in the $80-$90/mt CFR range, while 28% saw them lower at $70-$80/mt. Half of the survey respondents believed their iron ore requirements will increase in Q2, while 28% thought they would be at similar levels to Q1. Only 13% saw their iron ore needs falling, the survey found.