Iron Ore Suppliers Face Soft Chinese Steel Demand, Rising Supply
Dow Jones11-02 06:13
2213 GMT - Morgan Stanley remains cautious on iron ore, citing weaker Chinese steel demand and rising supply. Iron ore inventories at Chinese ports remain elevated, "which may mean less restocking would be needed for the remainder of the year," it says. Among Australian equities, its order of preference is BHP, Deterra, Rio Tinto and then Fortescue. "We continue to like BHP, with upcoming catalysts including the Copper SA visit," says MS. BHP ended Friday at A$57.56/share, up 4.6% for the week.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments