“Iron ore will decline over the rest of the year as global supply increases and a rally spurred by restocking in leading global importer China ends, according to Morgan Stanley.
The price probably peaked at about $159 a metric ton last month and will average $133 this year, analysts Joel Crane and Peter Richardson said in a report today. The consensus forecast for 2013 is $121, a figure that’s “overly negative,” they wrote. Global seaborne supply will rise 9.1 percent this year, topping an 8.3 percent gain in demand, Morgan Stanley estimates.
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