Westpac’s veteran commodity strategist Robert Rennie has for months been warning that iron ore will plunge below $US100 a tonne later this year. So when ANZ declared prices will remain above that key psychological level for the rest of 2025, it raised some eyebrows.
The contrasting forecasts from two of Australia’s largest banks reflect the division across iron ore markets as traders brush off the ongoing carnage in China’s property sector, a major consumer of steel. Futures traded on the Dalian Exchange have rallied more than 20 per cent since June, while similar gains on the Singapore Exchange have kept prices supported above $US100 a tonne.
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