Rio Iron Ore Cut Dwarfed by Glut That’s Thwarting Price Rise
This article is for subscribers only.
Rio Tinto Group’s cut to its iron ore export forecast for this year is unlikely to make anyone bullish soon.
The second-largest exporter reduced its 2015 estimate by about 10 million metric tons. That compares with a surplus Morgan Stanley estimates will rise to 83.2 million tons in 2020 from a forecast 58.1 million tons this year as the seaborne market hits 1.4 billion tons. Prices fell last week to the lowest in at least six years, according data going back to May