“Chinese port data showed that iron ore inventory slipped 430,000 tonnes to 153.6 million tonnes. Blast furnaces have been building stocks as restrictions around the Winter Olympics have eased. The ongoing war and limited prospect for an immediate resolution may mean that iron ore prices may be supported for some time,” the brokerage wrote.
KGI Securities has kept its “buy” call for Fortress Minerals with a target price of 60 cents on the back of rising iron ore prices.
In its March 7 note, the brokerage notes that iron ore prices rose for the week as the war in Ukraine as well as recovering Chinese demand drove prices higher. Iron ore on the Singapore Exchange April 62% Fe Futures settled near US$160 per tonne, it adds.
