Iron ore prices poised to hit US$180 next month: Westpac

The Chinese government’s attempt to cool the iron ore price has not stopped some experts from predicting another surge as early as next month.

Westpac Banking Corp (ASX: WBC) believes the stars are aligned for the steel-making mineral to rally close to 20% in January to circa US$180 a tonne, reported the Australian Financial Review.

That should keep the BHP Group Ltd (ASX: BHP) share price, Rio Tinto Limited (ASX: RIO) share price and Fortescue Metals Group Limited (ASX: FMG) share price supported in the near-term, even as the iron ore price lost ground for the second day.

Iron ore price weakness is temporary

Iron ore futures fell 1.9% in Singapore to US$161.10 a tonne, while the price on the Dalian exchange tumbled 5.8% to…