Iron ore prices will
probably be supported by “robust” demand in China, the biggest steel
producer, outweighing concerns that global economic growth may slow, according
to Mine Life Pty.
“China's demand for steel,
production of steel and their consumption of iron ore is going to remain fairly
robust. There's enough demand out there to sustain prices, and the production
side seems to be reasonable”, said analysts.
“We expect a continued pick-up in global steel
production run rates through 2012,” Credit Suisse analysts including Ric
Deverell wrote in the report. The company maintains “our positive outlook for iron
ore prices through the coming year.”
Iron ore with 62
percent content delivered to the port of Tianjin traded unchanged at $139.80 a
ton yesterday, data from The Steel Index showed. Prices are up 0.9 percent this
month, after gaining 5.8% in December and 11% in November.
Source: Bloomberg
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