Business
Brazil’s virus pain to extend Australia’s iron ore gain – The Australian Financial Review
The Department of Industry believes the price of Australia’s most lucrative commodity, iron ore, will remain elevated for close to two years.
”The main risk to prices is thus on the demand side.”
Brazilian decline
The suggestion that Brazilian supply was unlikely to rebound soon was backed by shipping data published last week, which suggested Brazilian miner Vale is not exporting at a fast enough rate to achieve its export target for 2020.
Iron ore prices rose as high as $US130 ($185) a tonne in the past two months. It fetched $US114.67 per tonne (including the cost of freight) on Friday.
The department predicted iron ore would …
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