Iron ore outlook bearish as steel demand seen weak on coronavirus.
The outlook for iron ore is negative with steel demand seen weak due to the coronavirus, overshadowing recent supply tightness out of Brazil, according to market sources contacted over the past few days.
The only new factor pointing to possible further tightness is a storm off the north of West Australia's coast that is seen as likely to develop into tropical cyclone Damien, which is likely to head toward the Pilbara coast and the Walcott and Dampier ports, key loading centers for iron ore.
Although the current situation still remains highly volatile with estimates of the exact storm path and strength still largely unclear, any impact on loading schedules could place further strain...
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