"It is likely that differs offer more demand," he wrote in a report analysts Christian Lelong and Amber Cai. "Contrary to consensus in the market, we believe that after the peak in steel production occurs a contraction" in China, they wrote, kee loan credit insurance ping the price expectations for the next 4 quarters.
Iron ore has rebounded in the last 5 weeks after reaching the lowest level since at least 2009 because steel prices have advanced in China and remittances of the largest producers, Australia and Brazil, were below expectations. The government of China devalued the yuan last week, shaking commodity markets and generating concern that the demand for imports of raw mate loan credit insurance rials denominated in US dollars may fall.
"Possibly the deva loan credit insurance luation of the yuan and the recent supply interruptions are what we consider a minor incident to the iron ore market," the analysts said in the note of 14 August. "The offering will grow again in the short term."
The ore with 62% content sent to Qingdao fell 0.1% to US $ 56.66 per dry ton on Monday. The commodity rose 0.6% last week and posted its fifth consecutive advance, showed data from Metal Bulletin Ltd. Although prices have reached the highest value since July 1 on Thursday after the blasts in the Chinese port of Tianjin, they fell 20% this year.
Written by Sergio
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