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VIEW: Citi Sees Current Prices As “Unsustainable”

IRON ORE

Citi expects that demand for iron ore is likely to be under pressure going forward as the China property market remains lacklustre and the manufacturing PMI is in contractionary territory, which should put downward pressure on prices. They also note that steel mills in China have reduced output recently.

  • "We maintain our view that there is unlikely to be a quick turnaround in steel demand from the property sector, as new starts remained weak."
  • "Additionally, property sales appear to be losing steam since April, after the initial pent-up demand dries out."
    - The Australian

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