Citigroup upgrades price forecasts for raw materials despite bearish market

摘要

A major banking company Citigroup (Citi) improved its price forecast for steelmaking raw materials despite prevailingnegative sentiments in the Chinese steel market.Citigroup upgraded its average iron ore price forecast for 2019 by $2/t to $63/t CFR, and that for 2020 by $5/t to $60/tCFR, according to the company’s statement. Coking coal price projections were raised by $20/t for both years to $188/tCFR and $170/t CFR respectively.