JP Morgan raised the forecast for the iron ore price in 2019 by 12 percent to $ 87 per tonne and by 5 percent to $ 74 in 2020, noting that prices could touch the 92 over the third quarter.
The institution cited higher demand in China and supply disruptions in Brazil following the Brumadinho (MG) disaster.
China’s demand remains “solid,” with annualized steel output rising 9 percent year on year in January / February.
According to the JP, Brazil’s outlook for exports continues to deteriorate with a series of additional mine suspensions announced by Vale.
