Australia shares to drop on heightened US recession fears, Dow sheds 741 points, Nasdaq loses 4.1pc, BoE lifts rates, oil jumps, follow updates here.
In a note, Fitch Ratings said it has lifted its price forecasts for iron ore, coking and thermal coal, nickel and zinc, “reflecting stronger post-pandemic demand and supply disruptions, particularly from Russia”.
“Although lockdowns are easing, construction activities are slow to resume, and manufacturing companies are hesitating to re-open due to fear of new infections. While the government is committed to stimulus and monetary policy easing, there has not yet been a recovery in steel demand. There could be some price upside if steel consumption revives early in 2H22. Low-cost iron ore supply should move the market into surplus in two-to-three years.
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