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Global iron ore, steel prices headed for further losses, Axiom's Johnson says

Apr. 18, 2017 6:45 PM ETUnited States Steel Corporation (X) StockBHP, X, CLF, VALE, RIOBy: Carl Surran, SA News Editor32 Comments
  • Iron ore prices are at "significant risk" for further declines over the next 3-4 months, which likely will pressure steel prices globally as well as the positive sentiment that has lifted stocks such as U.S. Steel (NYSE:X) and Cliffs Natural Resources (NYSE:CLF), warns Axiom Capital's Gordon Johnson.
  • Iron ore prices could be driven to "scary" lows, Johnson says, by "structural oversupply, and destocking that appears to have taken hold amidst record inventory levels; and Chinese Wealth Management Product investors now betting that iron ore prices are headed lower in the overnight market."
  • Top producers Vale (NYSE:VALE), BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RIO) all finished lower in today's trade as iron ore prices fell 5% to near six-month lows.

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