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JFE Holdings expects iron ore price to remain at high level of more than 6 years

26 Sep 2020 15:20 reported by Raul Lee

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JFE Holdings, Japan's second-largest steel producer, expected iron ore prices to remain at the current level, the highest in more than six years.

According to the Japanese steelmaker, China's record steel production, boosted by the government's initiative for infrastructure projects, is the biggest factor in sustaining iron ore prices.

Masashi Terahata, CFO at JFE Holdings, commented that it is very likely that the iron ore remains at the current level US$120/ton by the end of the fiscal year, ending in March 2021, although there could be a slight drop.

Iron ore has racked up a gain of almost 40% this year and was close to the highest level since 2014 at the close in Singapore on Monday. The gains were supported by China's crude steel production, which exceeded 90 million tons for the third consecutive month in July.

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