Fortescue Metals Group Ltd. expects iron ore prices to find
support at US$140-US$145/MT in the short term, said a senior executive.
US$140-US$145/MT represents “a production-cost floor,
and we don't expect to see spot iron ore prices dipping below that level in the
near future,” said Chief Executive Nev Power.
Spot iron ore prices fell to around US$115/MT in October
because of oversupply of the key steelmaking ingredient, but prices have
rebounded to around US$145/MT despite a reduction of demand from China's steel
sector, he said.
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