Iron ore prices may decline to $60 on weak Chinese demand, says JSW Steel

Iron ore has had a volatile year. It surged in the first half, triggered by supply disruptions in Brazil and Australia, and plunged in August as output recovered and global growth slowed

JSW Steel Ltd., India’s most valuable steel producer, is predicting declines for iron ore next year as demand from biggest consumer China eases and supplies recover.

Prices may trade between $80 and $85 a ton for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director of the Mumbai-based mill, said. The key steel-making raw material has benefited from “speculation” and there is no reason why ore should be trading at elevated levels of about $95, he said.

“Gradually we are seeing some moderation” in steel production globally and “once the crude steel production comes