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04 Oct

Macquarie foresees softening iron ore fundamentals

With Chinese steel production likely to decline in the fourth quarter, tight iron ore fundamentals will not be sustained, says Macquarie, which forecasts an average $105/tonne iron ore price for Q4. The financial services firm says market-driven Chinese production cuts may start to materialise amid elevated raw material costs and high flat steel stocks, and expectations that exports will fall (see Kallanish passim). Once steel production starts to drop and offtak…
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