Economics

ANZ Says Chances Growing Daily of Iron Ore Sliding Below $35

  • Iron ore will probably retest recent lows in coming weeks
  • Prices bottomed at $38.30 last month, more than six-year low
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Iron ore may tumble below $35 a metric ton as steel mills in China face weak demand at home and increasing barriers to exports, according to Australia & New Zealand Banking Group Ltd.

The steel-making raw material will remain weak through March and trade between $35 and $40, the bank forecasts in an e-mailed report Tuesday. The probability of prices declining below this range in the short term is “rising daily”, ANZ said.