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Replies to post #23144 on The Rising Influence of Rising Affluence
12/06/20 12:31 PM
12/22/20 8:55 AM
Iron-ore prices are surging toward a record as a landslide at a Brazilian iron-ore mine intensifies concerns about supply and Chinese demand runs hot.
The price of iron ore soared 7.8% to $176.90 a metric ton Monday, its highest since September 2011 and almost double its value at the start of the year, according to data from S&P Global Platts.
…The landslide last week at Vale SA’s Córrego do Feijão mine, which killed one worker, has raised fresh concerns about supplies from Brazil.
…JPMorgan lifted its 2021 price forecast by 20% to $126 a ton, citing strong Chinese steel output and the softer-than-expected production forecasts from Vale.
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