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Friday, April 08, 2016 9:00:43 AM
Australia, the world's top iron ore shipper, is bullish about prices for the next five years even as China produces less steel.
Iron ore will average $US45 ($A60) a metric ton in 2016, the Department of Industry said in a quarterly outlook on Friday, raising its outlook from $US41.30 projected in December. As high-cost miners close, Australian producers will boost shipments, and prices will rise to $US56 next year, $US61.40 in 2018 and keep on rising to $US64.70 in 2021, the department estimated.
The commodity has staged a surprise rebound in 2016 as China's policy makers signalled they are prepared to support growth in the largest user. While the advance has not swayed many sceptics, with banks including Goldman Sachs reiterating bearish forecasts, Australia projects that its giant low-cost producers, together with Brazil's Vale, will claim a greater share of global trade and prices will climb.
The increased exports is a result of continued closures in the Chinese domestic industry," said Daniel Hynes, senior commodity strategist at ANZ Banking Group in Sydney. "This is a fair assessment of the market over the medium to longer term," he said, citing the price outlook.
http://www.smh.com.au/business/mining-and-resources/australia-lifts-iron-ore-outlook-forecasting-rising-prices-through-2021-20160408-go1pom.html
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