This was the week in which the modern iron age came to a full stop, according to the investment bank. "[This year] is the inflection point where new production capacity finally catches up with demand growth, and profit margins begin their reversion to the historical mean," analysts Christian Lelong and Amber Cai wrote in a report today entitled The End of the Iron Age. The bank cut its 2016 forecast for seaborne ore cut to $79/t from $82 and for 2017 to $78/t from $85/t. Its $80/t prediction for next year remains unchanged.
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