Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Spot iron-ore prices continued their descent and were close to their lowest level in more than five years as sluggish steel demand in top consumer China curbed any immediate need for mills to replenish stocks of the raw material. Citigroup slashed its 2015 iron ore price forecast to $58 a tonne from $65, citing a decline in supply costs. The bank also cut its 2016 estimate to $62 from $65.
Spot iron-ore prices continued their descent and were close to their lowest level in more than five years as sluggish steel demand in top consumer China curbed any immediate need for mills to replenish stocks of the raw material. Citigroup slashed its 2015 iron ore price forecast to $58 a tonne from $65, citing a decline in supply costs. The bank also cut its 2016 estimate to $62 from $65.
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