Easing COVID-19 restrictions could send Iron ore as high as $150 per ton in by June 2023: Citigroup.
China’s steady easing of covid-19 restrictions finally allowed the beleaguered economy to begin reopening. Many experts expect a renewed demand for steel, which means an increased appetite for steel-making raw materials such as iron ore. Both analysts and traders believe the lifting the restrictions was a step in the right direction. This current positivity is clear in the price of iron ore futures, which have started climbing once again.
Ore futures rose this Monday after more cities in China eased their covid restrictions. According to one, Citi Group believes that the gradual reopening of the economy could propel iron ore prices as high as $150 a ton by June 2023. In the past month, iron ore prices have enjoyed a significant rise and fresh advancements. According to the report, this prompted Citi to upgrade its forecast for Australia’s top export. The organization also projects that iron ore will reach $120 on a three-month horizon, from its previous price of $110. However, if China initiates even more credit easing up measures, Citi claims ore prices could rally towards $150 a ton in the next three to six months.
Now, reports emerging in India reference China picking up large volumes of low-grade Indian iron ore in the coming weeks. This is largely due to Chinese steelmakers seeking cheaper raw materials to cope with meager profits.detailed that traders and analysts were looking to resume buying from India after six months of suspension. In fact, one subset of traders believed that there was still room for prices and iron ore futures to rise.
Meanwhile, the Indian government’s decision to withdraw export duty comes when India’s steel exports were down 66% , the highest for this fiscal. As iron ore futures rise, experts on all sides continue to watch the Asian markets closely.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US futures nudge higher as investors fret over economic slowdown\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
UK watchdog fines 3 traders for ‘market manipulation’ in Italian bond futures\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
DWS: Hoops courts market with EPS jump and payout slam-dunk\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Primark shoppers' simple way to beat jump Christmas queues in ManchesterShoppers at Primark stores in Market Street and the Trafford Centre can jump the main queue with this trick
Read more »
Homicides by a family member jump more than 50% as domestic abuse victim suicides increase'Horrifying' statistics detail the number of people killed by a partner or family member, while for the first time the scale of domestic abuse victim suicides is revealed.
Read more »
Primark's easy hack to beat massive queues at ChristmasThere's an easy way shoppers can jump the main queue at Primark
Read more »