Adding to the economic slowdown, 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, predicted Seshagiri Rao, Joint Managing Director of the Mumbai-based JSW Steel Ltd. 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.

 

Iron ore prices are moving in a completely different direction to other materials such as scrap, coking and thermal coal, and electrodes, which are declining and are more reflective of ebbing demand from the steel industry at present, industry experts opined.

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