Australian shares are poised to start the week lower; Dow Jones leads declines on Wall Street; iron ore edges back towards $US120 a tonne. Follow the latest here.
Iron ore prices are trading just shy of $US120 a tonne after rising on Friday, with the price of the bulk commodity rallying into the end of the year.
Solid demand from Chinese steel mills pushed the price 3.1 per cent higher to $US119.60 a tonne on Friday. In a note late last week, Fitch Solutions said it was “neutral” on the price of iron ore short-term though it expects it to trend lower through 2022 to average $US90 a tonne for the year. Separately, Morgan Stanley lifted its iron ore price target by 5 per cent to $US100 a tonne as it sees a tighter market in 2022. It also lifted its long-term nominal price by 19 per cent to $US75 a tonne.
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