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No point in top iron ore miners cutting supply: Goldman

Posted on 28 May 2015

The world’s largest iron ore producers are moving in the right direction by continuing to increase output even as demand cooled in top consumer China, sending prices tumbling and leaving smaller, high-cost producers struggling to survive. That seems to be the main conclusion of experts from Goldman Sachs Group, which wrote in a report Wednesday that “efforts to support prices via voluntary production cuts would be counter-productive,” as quoted by Bloomberg.
While such cutbacks are appealing in theory, any such proposal is misguided, according to Goldman’s analyst Christian Lelong. Brazil’s Vale, BHP Billiton and Rio Tinto, the report argues, are unlikely to create a cartel and agree on output cuts to stabilize prices, with waning demand expected to increase competition…………………………………….Full Article: Source


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