HSBC revises down ore forecasts for 2013 to $105/mt

摘要

HSBC has slashed its forecast for iron ore prices in 2013 by 27% to $105/mt from an earlier estimate of around $130/mt, according to the bank's latest quarterly commodities update. The bank attributed the downgrade to poor demand conditions, and because HSBC questions the consensus view that marginal costs will support prices of $120-130/mt.