Here is the daily price update for the iron ore complex for 15 January, 2016:
A small bump up for everything except rebar as we head into the Chinese New Year soon. Meanwhile, Citigroup are repeating their “bearish” but quite sensible bet that the magical metal with fall into the $20s on the heels of oil:
“There’s a strong possibility that iron ore falls below $30 in 2016,” Citigroup Inc. Head of Asia Commodity Research Ivan Szpakowski said in an interview on Thursday after the bank cut price forecasts through to 2018 in a report. In the first half, “the biggest pressure is actually from the demand side. It’s actually going to come from weak steel demand in China,” said Szpakowski.