Iron ore prices bounced on Wednesday after analysts at Credit Suisse and Morgan Stanley offered bullish forecasts for the steelmaking raw material.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $152.65 a tonne, up nearly 2% from Tuesday’s trade.
Iron ore reached its highest level since September 2011 in mid-January, but has since declined 12% on expectations of normalizing supply from Vale, the world’s top producer, and a cooldown in record-setting demand from China.
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