Prices have struggled in Q1 with technical bears in change, and the average for the quarter now looks to be on course for the $14,400/tonne area rather than $14,990/tonne we had forecast. For Q2 our forecast has been lowered to $14,600/tonne. This envisages a bottom forming around current levels and allows for the market to work back into the $15,000s by the end of Q2, which is about where it started Q1. We still expect further gains in Q3 and Q4 as the fundamentals improve.
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