Effective way to stop abrasion damage from iron ore
After a rocky start to the month the Northern China benchmark iron ore price has now built a solid base above the $50 per dry metric tonne level. The import price of 62% Fe content ore at the port of Tianjin gained for the third day in a row to trade at $53.40 per dry metric tonne according to data supplied by The Steel Index. The price of iron ore is down sharply since trading within shouting distance of the $70 mark in mid-April but is back in bull territory for 2016 with a 24.5% rise since the beginning of the year and a 44% rebound since hitting near-decade lows in December. "Year to date iron ore is averaging $51.50, which implies Morgan Stanley sees iron ore below its December low of $37 a tonne in the fourth quarter" Analysts at Morgan Stanley became the latest to upgrade their outlook for iron ore, although forecasts for the rest of the year still call for a steep decline in the price from current levels. A "reasonable trading range" durin...