Iron ore prices may stabilise between $90 and $110 per tonne for the rest of the year, according to insights from ANZ Group Holdings Ltd.
This forecast comes as a relief for iron ore miners worldwide, as it could alleviate the downward pressure on prices seen earlier.
Offsetting Dynamics Within China's Economy
Bloomberg analysts noted nuanced dynamics within China's economy, where declining demand from the residential property sector is offset by consumption from other sectors.
This suggests a varied outlook for steel demand, with potential pockets of growth amid ongoing weaknesses. Bloomberg analysts see the current iron ore prices as a floor and project the market to be "relatively balanced".
Indian Iron Ore Stocks In Green
Stocks of Indian iron ore companies advanced on Thursday following news of potential price stabilisation.
Shares of National Aluminium Co. jumped 5.52%, followed by Steel Authority of India Ltd., which rose 4.97%.
Jindal Steel and Power Ltd. and Tata Steel Ltd. stocks rose 3.4% and 3.16%, respectively.
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