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And with the construction season about to begin, demand for steel and steelmaking raw materials should be high.
But huge iron ore stockpiles and steelmaking overcapacity are depressing the market. In addition, Chinese growth is slowing and there is a tightening of credit in the steel industry.
On top of those factors, the world’s 'Big Four' iron ore miners – Vale, BHP Billiton, Rio Tinto and Fortescue Metals Group – are continuing to produce and ship iron ore at ever-increasing rates.
So what does this all mean for the future of the raw material’s price?
In this video Steel First speaks to Bank of America Merrill Lynch analyst Michael Widmer to find out.
Go to www.steelfirst.com to see the video.
Iron ore prices fell to their lowest level in nearly two years last week, with Metal Bulletin’s 62% Fe index dropping to just above $98 per tonne cfr China before showing a modest rebound.