2014-01-21 16: 06: 52
Editor in charge: Catherine
(From this newspaper) The price of iron ore continues to fall, and analysts expect that the price of this commodity will fall to $100/ton before it starts to rebound.
Since the beginning of 2014, the price of iron ore has fallen by US$10 and dropped by nearly 2% on Monday night. The current trading price is about US$124.8, which is below the trading range since the middle of last year.
Ray Attrill, the global co-director of foreign exchange policy at National Australia Bank (NAB), pointed out that since the beginning of last year, NAB believes that as more and more new resources enter the market, the unit price of iron ore will fall to $100 this year. This will cause further deterioration of Australia's terms of trade.
Analysts from the Commonwealth Bank pointed out last week that prior to the Chinese New Year holiday (from the end of January to the beginning of February), restocking and the wet season in the southern hemisphere may cause the price of iron ore to fluctuate between $1-2.
In another document, Bell Potter analysts reiterated their expectations for the first half of 2014. They believe that the average iron ore price in the first half of the 2014 fiscal year will be $130 and the average price for the entire year will be $132. CLSA’s expectations are more cautious. Some analysts from US investment banks also predict that the unit price of iron ore will fall to US$2014 in 108 and soar to US$2015 in 180.
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