Iron ore 302226 Jan 2022 14:06
Ben Cleary, portfolio manager at Tribeca Investment Partners’ Global Natural Resources Fund, is confident iron ore majors such as BHP Group, Rio Tinto and Fortescue Metals Group will enjoy another strong year.
“I think iron continues to rally in the first quarter to $US150 a tonne or higher, well above current consensus expectations of $US100 a tonne,” he said. “China’s credit impulse is starting to expand after mostly contracting in 2021 and infrastructure demand for iron ore should be particularly strong.”
Mr Cleary said that at the start of 2021, when spot iron ore fetched $US158 a tonne, consensus as measured by Bloomberg was for it to average $US108 a tonne through the year.