UBS trims ore forecast on falling China steel output

摘要

Flat to falling Chinese steel output this year will pressure iron ore further, as new supply exacerbates the surplus, UBS said in a research note Monday. The bank cut its iron ore price forecast for 2015 to $50/dry mt CFR China from $59/dmt CFR China, and 2016 to $48/ dmt from $58/dmt CFR. The long-term assumption was revised to $55/dmt from $75/dmt CFR, with the bank forecasting a 215 million mt surplus in 2018.