Iron ore price defies doomsdayers
The iron ore price has showed considerable strength of late, with the Spot 63.5% Fe price hitting $127 a tonne.
On an Australian dollar basis, the iron price is even better at $138 a tonne, providing a margin for low cost and medium cost producers and near term producers. It would also gladden the hearts of iron ore project developers and explorers.
On the supply side, the much mooted surfeit of iron ore in 2014-2016 to hit the market is not looking at certain as it was six months ago, with suggestions that Rio Tinto (ASX:RIO) might delay increases in capacity in the Pilbara.
Most have been glued to the demand side from China, racheting down their forecasts due to weaker consumption, perhaps to the detriment at looking at the supply side.
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