Morgan Stanley’s more cheerful outlook for iron ore prices in 2016, reported by Bloomberg, is probably the reason why NMDC Ltd’s share was up by 1.91% on BSE on Wednesday. That’s good news for Vedanta Ltd too, whose Goa unit is set to operate at a higher level in FY17—the Vedanta stock was up 3.29% on BSE.
The investment banker revised up its price outlook for 2016by 17% to $46 a tonne while its 2017 forecast was also revised upwards by 13% to $42 a tonne, from its earlier forecasts. While this is good news, even the revised 2016 forecast factors in a price of $35 a tonne for December quarter. The current price is around $54 a tonne, based on imported iron ore price data for China.
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