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Analysts predict a recovery in the price of iron ore this month following a dive in spot prices below key lower thresholds which has left the shares of major Australian miners languishing in the doldrums.
Mining Australia reports JPMorgan released an investor note last week asserting that iron ore prices would gain in September on recovering Chinese demand and diminishing inventories.
Ore prices have plunged over 50% in roughly the past year, from just above $180 in August to beneath $90 last month. This stands in marked contrast to the metal’s tenfold price gain over the past 10 years on the back of surging demand from China’s resurgent economy.
Key industry figures are putting on a brave face despite these declines, with Fortescue Metals chief Nevill Power saying last week that he expects iron ore prices to return to the $120 per tonne level the benchmark for profitable production in China.