Demand for iron ore in China may have risen earlier this month, but the Swiss bank UBS says it's a "short-lived" lift that will soon collapse. The investment bank said it believes earlier demand was partly driven by restocking ahead of a weeklong national holiday in China which begins on Oct. 1, when industrial activity is expected to fall off.
Since more than 60% of the company's revenue was drawn from the commodity, according to its 2021 results, UBS said iron ore price is the key driver of the stock. Although its shares have fallen by more than 20% since their recent peaks, UBS said there is further risk to the downside. The investment bank has a price target of £43 a share for Rio, representing a decline of 11.7% from current levels.
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Steel is renewable. There mountains of it. Stop pushing fake narratives.
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